Interbank closing: PKR gains over 3 paisa against US dollar

WEB DESK: The Pakistani rupee (PKR) displayed strength against the US dollar (USD) in Wednesday’s interbank trading session, appreciating by 3.68 paisa to settle at PKR 278.04 per USD.

This marks a slight improvement from the previous session’s closing rate of PKR 278.08 per USD.

Throughout the trading day, the PKR reached an intraday high (bid) of 278.1 and a low (ask) of 278.

In comparison to other major currencies, the PKR demonstrated notable gains. Against the Euro, it strengthened by 47.08 paisa, concluding at PKR 300.98, compared to the previous day’s rate of 301.45.

Similarly, the British Pound saw a decrease of 75.56 paisa, closing at PKR 351 as opposed to 351.75 from the previous session.

The Swiss franc also experienced a decline, losing 1.9 rupees to settle at PKR 306.79, down from 308.68.

Conversely, the PKR made slight gains against the Japanese yen, appreciating by 0.46 paisa to close at 1.8329, compared to 1.8375 the day before.

However, it depreciated against the Chinese Yuan by 5.92 paisa, ending at 38.46 versus 38.52 in the previous session.

The Saudi Riyal also witnessed a minor decrease, closing at 74.13 with a loss of 1.18 paisa from its previous value of 74.14. Similarly, the UAE Dirham experienced a slight decline of 1.21 paisa, settling at 75.72, down from 75.71.

In the open market, exchange companies quoted the US dollar at PKR 278 for buying and PKR 278.1 for selling.

Looking at the broader picture, during the current financial year, the PKR has appreciated against the dollar by 7.95 rupees, or 2.86 per cent.

Meanwhile, in the current calendar year, the PKR has appreciated by 3.82 rupees, or 1.37 per cent.

In the money market, the benchmark 6-month Karachi Interbank bid and offer rates experienced a marginal increase of 3 basis points (bps), reaching 21.41 per cent and 21.66 per cent, respectively.