Pakistani rupee settles lower, closes at Rs285.64 vs US dollar

WEB DESK: The Pakistani rupee (PKR) experienced a depreciation of over 27 paisa against the US dollar (USD) in Monday’s interbank session, settling at PKR 285.64, compared to the previous day’s closing of PKR 285.37 per USD.

Interbank closing #ExchangeRate for todayhttps://t.co/D3IYm5uAHJ#SBPExchangeRate pic.twitter.com/nUBYbSnLq3

— SBP (@StateBank_Pak) November 27, 2023

The local unit witnessed an intraday high (bid) of 285.82 and a low (ask) of 286.

In the open market, the local unit saw a decrease of 50 paisa, as exchange companies quoted the dollar at 284 for buying and 287 for selling, in contrast to the previous closing of 283.50 for buying and 286.50 for selling.

It’s noteworthy that the local unit marked its second consecutive weekly gain against the greenback, appreciating by 1.13 rupees.

In comparison to major currencies, the PKR lost 1.41 rupees against the Euro, closing at 312.72 compared to the previous value of 311.31.

The British Pound became more expensive by 2.06 rupees, closing at 360.25 compared to 358.2 a day ago.

The Swiss franc saw gains of 1.37 rupees, closing at 324.26 compared to 322.89 from the previous session.

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Against the Japanese yen, PKR lost 0.96 paisa, closing at 1.917 versus 1.908 a day ago. The Chinese Yuan gained 3.79 paisa, closing at 39.9363 against 39.8984 from the previous session.

The Saudi Riyal closed at 76.16 with a gain of 7.48 paisa from its value of 76.09 a day ago. The UAE dirham increased in value by 7.54 paisa from 77.702 a day ago to 77.777.

In the current financial year, PKR has appreciated against the dollar by 0.35 rupees, or 0.12 per cent, while the current calendar year has seen PKR depreciate by 59.21 rupees, or 20.73 per cent.

In the money market, the benchmark 6-month Karachi Interbank bid and offer rates inched up by 1 bps to 21.19 per cent and 21.44 per cent, respectively.