PKR shows resilience, closes at Rs285.39 against dollar

WEB DESK: In Wednesday’s interbank session, the Pakistani rupee (PKR) exhibited a gain of approximately 14 paisa against the US dollar, settling the trade at PKR 285.39.

Interbank closing #ExchangeRate for todayhttps://t.co/jQqbdd04Bt#SBPExchangeRate pic.twitter.com/Yecq2xzTnp

— SBP (@StateBank_Pak) November 29, 2023

This marks an improvement compared to the previous day’s closure at PKR 285.52.

Throughout the day, the local unit reached an intraday high (bid) of 285.5 and a low (ask) of 285.

In the open market, the PKR strengthened by 50 paisa, with exchange companies quoting the dollar at 283 for buying and 286 for selling. This contrasts with the previous closing rates of 283.5 for buying and 286.5 for selling.

It’s noteworthy that in the preceding session, the local unit experienced an appreciation of 12 paisa, reversing a trend of three consecutive daily losses against the US dollar.

In a broader comparison with major currencies, the PKR encountered a loss of 1.1 rupees against the Euro, closing at 313.5 compared to the previous value of 312.39.

Similarly, the British Pound gained value by 1.95 rupees, concluding at 362.28 in contrast to the previous day’s 360.33. The Swiss Franc observed an increase of 78.4 paisa, closing at 325.04 compared to 324.26 from the previous session.

Read more: Petrol price expected to drop in Pakistan

Against the Japanese yen, the PKR depreciated by 1.51 paisa, settling at 1.937 as opposed to the previous day’s 1.922.

Conversely, the Chinese Yuan exhibited a gain of 13.93 paisa, concluding at 40.0513 against 39.912 from the previous session.

The Saudi Riyal closed at 76.09, experiencing a marginal loss of 3.7 paisa from its value of 76.13 a day ago. The UAE Dirham also witnessed a decrease in value of 3.35 paisa, transitioning from 77.746 to 77.712.

Examining the broader trend, during the current financial year, the PKR has appreciated against the dollar by 0.6 rupees, or 0.21 per cent.

However, the current calendar year has seen the PKR depreciate by 58.95 rupees, or 20.66 per cent.

Shifting focus to the money market, the benchmark 6-month Karachi Interbank bid and offer rates saw a marginal increase of 1 basis point, reaching 21.2 per cent and 21.45 per cent, respectively.