PKR shows resilience, closes at Rs283.51 against USD

WEB DESK: In Thursday’s interbank session, the Pakistani rupee (PKR) demonstrated strength by appreciating 10.02 paisa against the US dollar (USD), settling the trade at PKR 283.51 per USD.

This marks a positive shift from the previous session’s closing rate of PKR 283.61 per USD.

Interbank closing #ExchangeRate for today https://t.co/LMxaiXVVRr#SBPExchangeRate pic.twitter.com/xpYz6J5yb9

— SBP (@StateBank_Pak) December 14, 2023

Throughout the trading day, the currency experienced fluctuations, reaching an intraday high (bid) of Rs283.54 and a low (ask) of Rs283.5.

In the open market, exchange companies set the buying rate for the dollar at Rs283.5 and the selling rate at Rs283.45.

A noteworthy development took place earlier in the week when the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) decided to maintain the policy rate at 22 per cent for the fourth consecutive meeting.

This decision aligns with market expectations, as a majority of market participants anticipated a rate pause.

In comparison to major currencies, the Pakistani rupee experienced fluctuations. Against the euro, it lost 2.64 rupees, closing at 308.49, compared to the previous value of 305.85.

The British Pound became more expensive by 2.91 rupees, closing at 357.96 compared to 355.05 from the previous day. The Swiss franc saw gains of 1.46 rupees, closing at 325.35 compared to 323.89 in the previous session.

Read more: SBP keeps policy rate unchanged

Against the Japanese yen, the PKR lost 5.23 paisa, closing at 1.9972 versus 1.9449 a day ago. However, the Chinese Yuan gained 24.42 paisa, closing at 39.72 against 39.48 from the previous session.

The Saudi Riyal closed at 75.58, experiencing a loss of 3.18 paisa from its value of 75.61 a day ago. Similarly, the U.A.E. dirham decreased in value by 3.36 paisa from 77.2 a day ago to 77.23.

Examining the overall trend during the current financial year, the PKR has appreciated against the dollar by 2.48 rupees, or 0.87 per cent.

However, the calendar year has seen the PKR depreciate by 57.08 rupees, or 20.13 per cent. In the money market, the benchmark 6-month Karachi interbank bid and offer rates experienced a marginal decrease of 21 bps, settling at 21.3 and 21.55 per cent.