Interbank closing: PKR remains stable vs US dollar

WEB DESK: In Monday’s interbank session, the Pakistani rupee (PKR) showcased resilience by appreciating by 0.46 paisa against the US dollar, concluding the trade at PKR 279.36 per USD.

This marked a positive shift from the previous session’s closing rate of PKR 279.82 per USD.

Throughout the trading day, the currency experienced fluctuations, reaching an intraday high (bid) of 279.5 and a low (ask) of 279.3.

Meanwhile, in the open market, exchange companies set the buying rate for the dollar at 281 and the selling rate at 282.5.

Comparing the PKR’s performance against major currencies, it faced a decrease of 60.96 paisa against the Euro, settling at 301.27 as opposed to the previous value of 300.66.

The British Pound, on the other hand, strengthened, gaining 1.29 rupees and closing at 352.7, up from 351.41 a day ago.

The Swiss franc demonstrated gains of 17.46 paisa, closing at 317.09 compared to the previous session’s 316.91.

Against the Japanese yen, the PKR experienced a slight decline of 0.36 paisa, concluding at 1.8628 compared to 1.8592 from the previous day. The Chinese Yuan also saw a marginal decrease, closing at 38.81 against the previous session’s 38.83.

The Saudi Riyal closed at 74.49, experiencing a minor loss of 0.12 paisa from its value of 74.61 a day ago. Similarly, the U.A.E. dirham depreciated by 0.34 paisa, closing at 76.06 compared to the previous value of 76.4.

Analysing the overall trend, during the current financial year, the PKR has appreciated against the US dollar by 6.63 rupees, or 2.38 per cent. Looking at the broader perspective of the calendar year, the PKR has witnessed an appreciation of 2.51 rupees, or 0.9 per cent.

Shifting the focus to the money market, the benchmark 6-month Karachi interbank bid and offer rates experienced a marginal increase of 4 basis points, reaching 21.27 per cent and 21.52 per cent, respectively.

This subtle adjustment indicates the market’s response to the evolving economic landscape.

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