Interbank closing: PKR drops by 8.54 paisa against US dollar

WEB DESK: In Monday’s interbank session, the Pakistani rupee (PKR) experienced a slight depreciation, dropping by 8.54 paisa against the US dollar (USD).

The local currency closed at 278.3 per USD, compared to the previous session’s closing rate of 278.21 per USD.

During the session, the currency reached an intraday high (bid) of 278.5 and a low (ask) of 278.3. Meanwhile, in the open market, exchange companies quoted the greenback at 277.3 for buying and 279.8 for selling.

The PKR also saw changes against other major currencies. It depreciated by 74.67 paisa against the Euro, closing at 302.59 compared to the previous value of 301.84.

Conversely, the PKR gained 2.08 paisa against the Saudi Riyal, closing at 74.2 from 74.18 a day earlier. The U.A.E Dirham rose by 2.33 paisa, reaching 75.74 from 75.77.

The British Pound increased by 1.35 rupees, closing at 353.3, up from 351.95 the previous day. The Swiss Franc saw a loss of 20.9 paisa, ending at 305.94 compared to 306.15 in the previous session.

The Chinese Yuan dropped by 3.26 paisa, closing at 38.48 against 38.51. The Japanese Yen experienced a minor depreciation of 0.24 paisa, closing at 1.7871 versus 1.7847 a day ago.

Despite these fluctuations, the PKR has shown overall strength during the current financial year, appreciating by 7.7 rupees or 2.77 per cent against the USD. Similarly, over the current calendar year, the PKR has appreciated by 3.57 rupees or 1.28 per cent.

These movements reflect the ongoing adjustments in the currency market, influenced by a variety of economic factors both domestically and internationally.

Read next: Auto financing continues to decline in Pakistan