Interbank closing: PKR gains 20.91 paisa against USD

KARACHI: The Pakistani rupee (PKR) saw a modest appreciation of 0.08 per cent against the US dollar (USD) in the inter-bank market on Friday.

The local currency closed at 278.40 PKR to the dollar, marking a gain of 20.91 paisa from the previous day’s close of 278.61 PKR.

In recent weeks, the PKR has been trading within the range of 277 to 279 against the USD. This stability comes as Pakistan continues its efforts to secure an expanded and extended bailout programme from the International Monetary Fund (IMF).

Pakistani rupee’s performance against major currencies

The Pakistani rupee (PKR) experienced mixed performance against major currencies on Friday.

Saudi Riyal: The Riyal fell by 5.58 paisa, closing at 74.23 from 74.28 a day earlier.

UAE Dirham: The Dirham decreased by 5.69 paisa, closing at 75.85 compared to 75.80 the previous day.

British Pound: The Pound increased by 1.46 rupees, ending at 360.03 from 358.57 a day earlier.

Euro: The PKR depreciated by 84.51 paisa, closing at 302.86 compared to the previous value of 302.01.

Swiss Franc: The Franc rose by 87.36 paisa, closing at 310.78 compared to 309.91 in the prior session.

Chinese Yuan: The Yuan gained 2.9 paisa, ending at 38.35 compared to 38.32 from the previous session.

Japanese Yen: The PKR lost 2.45 paisa, finishing at 1.7487 against the previous day’s 1.7242.

In a significant development, the IMF has stated that it will continue discussions on policy goals and actions that could form the foundation of a medium-term, home-grown reform programme for Pakistan.

This programme would be supported under the Extended Fund Facility (EFF) arrangement with the Washington-based lender.

Meanwhile, the State Bank of Pakistan (SBP) reported a $16 million increase in its foreign exchange reserves, bringing the total to $9.4 billion as of July 5.

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