Interbank closing: PKR loses 8 paisa versus US dollar

WEB DESK: In Tuesday’s interbank session, the Pakistani rupee (PKR) witnessed a slight depreciation of 8 paisa against the US dollar (USD).

The currency settled at PKR 279.28 per USD, marking a modest increase from the previous session’s closing rate of PKR 279.2 per USD.

Throughout the trading day, the PKR recorded an intraday high (bid) of 279.4 and a low (ask) of 279.

Meanwhile, in the open market, exchange companies set the buying rate for the dollar at 281 and the selling rate at 282.3.

Comparing the PKR’s performance against major currencies, it lost 86.47 paisa against the Euro, closing at 303.18 as opposed to the previous value of 302.32.

The British Pound became slightly more expensive, gaining 54.37 paisa and closing at 354.42 compared to the previous day’s 353.87.

The Swiss franc saw gains of 71.79 paisa, concluding at 317.7, up from the previous session’s 316.98.

Against the Japanese yen, the PKR experienced a marginal loss of 0.19 paisa, closing at 1.8574 versus 1.8555 a day ago.

On the other hand, the Chinese Yuan gained 0.95 paisa, closing at 38.8 against the previous session’s 38.79.

In terms of Middle Eastern currencies, the Saudi Riyal closed at 74.47 with a gain of 2.04 paisa from its previous value of 74.45. The U.A.E. dirham increased in value by 1.77 paisa, rising from 76.03 a day ago to 76.02.

Notably, during the current financial year, the PKR has appreciated against the dollar by 6.71 rupees, or 2.4 per cent. Looking at the broader picture, the current calendar year has witnessed a PKR appreciation of 2.58 rupees, or 0.93 per cent.

Shifting focus to the money market, the benchmark 6-month Karachi Interbank bid and offer rates remained unchanged at 21.49 per cent and 21.74 per cent, maintaining stability in this crucial financial indicator.

Read next: PSX ends in red