PKR breaks winning streak, ends week at Rs279.36

WEB DESK: In a significant turn of events, the Pakistani rupee (PKR) concluded its 13-week winning streak against the US dollar (USD), settling at PKR 279.36 per USD in the last trading session of the week.

This marks a slight decline from the previous week’s closing rate of PKR 279.28 per USD.

During today’s trading session, the Pakistani currency demonstrated resilience by gaining 1.81 paisa. The intraday high (bid) was recorded at Rs280, while the low (ask) reached Rs279.8.

In the open market, exchange companies quoted the dollar at Rs281 for buying and Rs282.5 for selling.

The political instability prevalent in the country has cast a shadow on the forex market. Earlier in the week, the PKR experienced a significant upward trend against the dominant US dollar.

However, the ongoing uncertainty surrounding the new government has exerted pressure on the Pakistani currency.

In comparison to major currencies, the PKR faced losses against the Euro, depreciating by 80.47 paisa and closing at Rs300.66, compared to the previous value of Rs299.86.

The British Pound also saw an increase of 89.92 paisa, closing at Rs351.41 in contrast to Rs350.51 from the previous day. The Swiss franc gained 98.3 paisa, closing at Rs316.91 compared to Rs315.93 in the previous session.

Against the Japanese Yen, the PKR gained 0.18 paisa, closing at Rs1.8592, while the Chinese Yuan experienced a marginal loss of 0.25 paisa, closing at Rs38.83 against Rs38.84 from the previous session.

The Saudi Riyal closed at Rs74.49, registering a loss of 0.49 paisa from its previous value of Rs74.49. Similarly, the U.A.E Dirham decreased in value by 0.38 paisa from Rs76.06 a day ago to Rs76.07.

Providing a broader perspective, the Pakistani rupee has shown appreciation against the US Dollar during the current financial year, strengthening by 6.63 rupees or 2.37 per cent.

Additionally, in the current calendar year, the PKR has appreciated by 2.5 rupees or 0.9 per cent. The foreign exchange market remains dynamic, influenced by both domestic political developments and global economic factors.

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