Interbank closing: PKR depreciates by over 10 paisa against USD

WEB DESK: In the interbank market, the Pakistani rupee (PKR) lost ground against the US dollar (USD) on Thursday, falling by over 10 paisa.

The local currency closed at PKR 278.2 per USD, a slight decrease from the previous session’s close of PKR 278.1. Throughout the day, the rupee experienced an intraday high of 278.33 and an intraday low of 278.13.

Meanwhile, in the open market, exchange companies quoted the dollar at PKR 276.41 for buying and PKR 279.09 for selling.

However, PKR’s performance against other major currencies was mixed. It edged slightly higher against the Euro, closing at PKR 298.62—the same value as the previous session.

The British Pound saw a modest increase, with the exchange rate rising by 29.25 paisa to PKR 347.11 from the previous day’s close of PKR 346.82. The Swiss franc also gained, closing at PKR 306.09, a 21.18 paisa increase from the previous close of PKR 305.87.

The Japanese Yen strengthened slightly against the Pakistani rupee, gaining 0.49 paisa to close at PKR 1.7853 from the previous session’s PKR 1.7902.

Similarly, the Chinese Yuan saw a minor increase, closing at PKR 38.5, a 1.58 paisa gain from its prior close of PKR 38.49.

Among the Gulf currencies, the Saudi Riyal closed at PKR 74.18, with a gain of 2.59 paisa from the previous day’s 74.15. The UAE dirham increased by 3.16 paisa, closing at PKR 75.71 compared to the previous session’s 75.74.

Over the current financial year, the Pakistani rupee has appreciated against the US dollar by 7.79 rupees, representing a 2.8 per cent increase. Over the calendar year, PKR has risen by 3.66 rupees, or about 1.32 per cent.