8th consecutive win: Pakistani rupee gains 11 paisa vs US dollar

WEB DESK: The Pakistani rupee (PKR) continued its positive trend on Thursday, gaining more than 11 paisa against the US dollar to settle at PKR 282.79.

This marks a notable improvement compared to the previous day’s closing rate of PKR 282.9 per USD.

Throughout the trading day, the local currency achieved an intraday high (bid) of Rs284.05 and a low (ask) of Rs284.25.

In the open market, exchange companies set the buying rate at Rs281.5 and the selling rate at Rs284.5.

Of significant importance is the fact that this session represents the ninth consecutive victory for the PKR against the US dollar, underlining a consistent strengthening trend.

In terms of other major currencies, the PKR demonstrated robust performance, gaining 69.15 paisa against the Euro, concluding at Rs309.57 compared to the previous value of Rs310.26.

The British Pound also saw a decline in value by 79.58 paisa, settling at Rs357.41 as opposed to Rs358.21 from the previous day.

Similarly, the Swiss franc experienced a loss of 47.58 paisa, closing at Rs327.96 compared to Rs328.44 in the preceding session.

However, against the Japanese Yen, the PKR faced a marginal setback of 0.38 paisa, closing at Rs1.974 versus Rs1.97 a day ago.

The Chinese Yuan also saw a decrease of 7.1 paisa, concluding at Rs39.5762 against Rs39.6472 from the previous session.

In the case of other regional currencies, the Saudi Riyal closed at Rs75.38, registering a marginal loss of 1.15 paisa from its previous value of Rs75.39.

The UAE Dirham also experienced a slight depreciation, dropping by 2.81 paisa from Rs77.027 a day ago to Rs76.999.

Read more: Govt releases public holidays schedule for 2024

Examining the performance over the current financial year, the PKR has appreciated against the Dollar by Rs3.2 or 1.13 per cent.

However, in the context of the entire calendar year, the PKR has faced a depreciation of Rs56.36 or 19.93 per cent.

Shifting focus to the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates remained unchanged at 21.18 per cent and 21.43 per cent, indicating stability in this crucial financial segment.