Interbank closing: PKR closes week at Rs283.26 per USD

WEB DESK: In a noteworthy development, the Pakistani rupee (PKR) demonstrated resilience by appreciating over 61 paisa against the US dollar (USD) this week.

The week concluded with the local currency settling the trade at PKR 283.26 per USD, marking a positive shift from the preceding session’s closing rate of PKR 283.72 per USD.

During today’s trading session, the PKR exhibited a commendable performance, gaining 25 paisa.

The intraday high (bid) reached Rs283.59, while the low (ask) touched Rs283.4, showcasing the dynamic nature of the currency market.

In the open market scenario, Exchange Companies quoted the dollar at Rs284.5 for buying and Rs286.5 for selling, providing a comprehensive overview of the current exchange dynamics.

This marks the fifth consecutive day witnessing an upward trend for the local unit against the US dollar, underscoring its strengthened position.

In a broader comparison against major currencies, the PKR experienced a marginal depreciation of Rs2.9 against the Euro, closing at Rs311.39 as opposed to the previous value of Rs308.49.

Similarly, the British Pound registered an increase of Rs3.59, concluding at Rs361.55 compared to the previous day’s Rs357.96.

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The Swiss franc saw gains of Rs1.3, closing at Rs326.65 in contrast to the previous session’s Rs325.35.

Against the Japanese Yen, the PKR gained 0.29 paisa, closing at Rs1.9943 versus Rs1.9972 a day ago. The Chinese Yuan also posted gains, closing at Rs39.86 with an increase of Rs14.31 paisa from the previous session’s Rs39.72.

Conversely, the Saudi Riyal experienced a slight depreciation, closing at Rs75.5 with a loss of 7.53 paisa from its value of Rs75.58 a day ago. The UAE Dirham decreased in value by 6.87 paisa, going from Rs77.13 to Rs77.2.

Providing insights into the fiscal performance, it’s noteworthy that during the current financial year, the PKR has appreciated against the US dollar by Rs2.73 or 0.96 per cent.

However, in the broader context of the calendar year, PKR witnessed a depreciation of Rs56.83 or 20.06 per cent.