Interbank closing: PKR gains 8.22 paisa against USD

WEB DESK: The Pakistani rupee (PKR) appreciated by 8.22 paisa against the US dollar (USD) in Friday’s interbank session, closing at PKR 278.51 per USD, an improvement from the previous session’s closing rate of PKR 278.59 per USD.

Throughout the day, the rupee saw an intraday high (bid) of PKR 278.6 and a low (ask) of PKR 278.4. In the open market, exchange companies quoted the dollar at PKR 277.66 for buying and PKR 280.25 for selling.

On a weekly basis, however, the PKR depreciated by 0.31 rupees against the USD.

When compared to other currencies, the PKR’s performance varied. The Saudi Riyal closed at PKR 74.23, losing 3.18 paisa from its previous value of PKR 74.27. The U.A.E Dirham decreased by 2.34 paisa, settling at PKR 75.85 from 75.82 the previous day.

The British Pound saw a significant decrease, dropping by 1.71 rupees to close at PKR 354.56 compared to PKR 356.26 the day before. Conversely, the Swiss Franc strengthened, gaining 69.25 paisa to close at PKR 311.95 from the previous session’s PKR 311.26.

Against the Japanese Yen, the PKR gained 0.36 paisa, closing at PKR 1.7677 compared to PKR 1.7713 the day before. The PKR also gained 3.06 rupees against the Euro, closing at PKR 298.23, up from PKR 301.28.

However, the Chinese Yuan depreciated slightly against the PKR, losing 3.15 paisa to close at PKR 38.39 compared to the previous session’s PKR 38.42.

This mixed performance of the PKR against various major currencies highlights the dynamic nature of the currency market and the influences affecting exchange rates on a daily basis.

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