Interbank closing: PKR marginally strengthens against USD

WEB DESK: The Pakistani rupee (PKR) made slight gains against the US dollar (USD) during Thursday’s interbank trading session, with the currency settling at PKR 278.03 per USD.

This marks a marginal increase compared to the previous session’s closing rate of PKR 278.04 per USD.

Throughout the trading day, the PKR reached a high bid of 278.1 and a low ask of 278. In the open market, exchange companies quoted the buying rate of the dollar at 278.09 and the selling rate at 280.73.

On other currency exchanges, the PKR saw notable changes against major currencies. Against the Euro, the PKR strengthened by 98.1 paisa, closing at 300 compared to the previous rate of 300.98.

Similarly, the British Pound saw a decrease in value of 41.23 paisa, closing at 350.59 compared to 351 from the previous day.

The Swiss franc gained 5.97 paisa, closing at 306.85 compared to 306.79 in the previous session.

However, against the Japanese yen, the PKR experienced a slight decrease of 0.35 paisa, closing at 1.8364 compared to 1.8329 a day earlier.

The Chinese Yuan, on the other hand, saw a slight increase of 0.72 paisa, closing at 38.47 against 38.46 from the previous session.

Similarly, the Saudi Riyal closed at 74.13, with a minimal gain of 0.01 paisa from its previous value of 74.13. The U.A.E. dirham increased marginally in value by 0.31 paisa, rising from 75.71 a day ago to 75.71.

Looking at broader trends, during the current financial year, the PKR has appreciated against the dollar by 7.96 rupees, or 2.86 per cent. In the current calendar year, the PKR has appreciated by 3.83 rupees, or 1.38 per cent.

In the money market, the benchmark 6-month Karachi interbank bid and offer rates experienced a slight increase of 4 bps to 21.45 per cent and 21.7 per cent, respectively.

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