9th consecutive gain: PKR closes at Rs282.53 against US dollar

WEB DESK: The Pakistani rupee (PKR) demonstrated resilience against the US dollar (USD) throughout the week, marking its sixth consecutive weekly gain.

Notably, this week’s positive performance against the greenback constitutes the ninth consecutive daily victory for the Pakistani rupee.

Closing at PKR 282.53 per USD, the local unit appreciated by 73 paisa compared to the previous session’s closing rate of PKR 283.26 per USD.

US dollar to Pakistani rupee – closing December 22

In the open market, Exchange Companies reported a 25 paisa increase in the PKR’s value, quoting buying and selling rates at Rs281 and Rs284, respectively.

This contrasts with the earlier session’s rates of Rs281.25 for buying and Rs284.25 for selling.

However, despite these gains, Bloomberg predicts that the PKR is poised to conclude the year as Asia’s worst-performing currency, with expectations of continued losses into 2024.

PKR vs major currencies

Against major currencies, the Pakistani rupee experienced varied outcomes.

Notably, it lost Rs1.24 against the Euro, closing at Rs310.81, and gained Rs1.24 against the British Pound, closing at Rs358.66.

The Swiss franc saw gains of Rs1.88, closing at Rs329.84, while against the Japanese Yen, the PKR lost 1.23 paisa, closing at Rs1.986.

The Chinese Yuan lost 2.66 paisa, closing at Rs39.5496, and the Saudi Riyal closed at Rs75.31, registering a loss of 6.86 paisa.

Similarly, the UAE Dirham decreased by Rs6.59 paisa, closing at Rs76.933.

In the current financial year, the PKR has appreciated against the US dollar by Rs3.46 or 1.23 per cent.

However, the calendar year has witnessed a depreciation of Rs56.1 or 19.86 per cent.

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