Interbank closing: PKR declines 8.08 paisa against USD

WEB DESK: The Pakistani rupee (PKR) experienced a depreciation of 8.08 paisa against the US dollar (USD) during Wednesday’s interbank trading session, closing at PKR 277.92 per USD.

This marks a slight decline compared to the previous session’s closing rate of PKR 277.84 per USD.

Throughout the session, the PKR ranged from a high bid of 278.1 to a low ask of 278. In the open market, exchange companies quoted the dollar at 277.8 for buying and 278 for selling.

Pakistan continues to grapple with trade challenges, evident in March’s widened deficit by 24.56 per cent month-on-month, reaching $2.17 billion compared to February’s negative balance of $1.74 billion.

While exports experienced a marginal decrease, imports are once again on the rise.

In comparison to other major currencies, the PKR saw fluctuations. Against the Euro, the PKR lost 92.05 paisa, closing at 299.34 from the previous value of 298.42.

The British Pound became more expensive by 47.66 paisa, closing at 349.24 compared to 348.77 a day earlier.

The Swiss Franc experienced losses of 9.64 paisa, closing at 305.97 compared to the previous session’s 306.07.

The PKR lost 0.06 paisa against the Japanese Yen, closing at 1.8321 versus 1.8315 from the previous day. However, the Chinese Yuan gained 0.9 paisa, closing at 38.41 against 38.4 from the previous session.

The Saudi Riyal closed at 74.1 with a gain of 2.15 paisa from its value of 74.07 a day ago, while the U.A.E Dirham increased in value by 2.2 paisa from 75.67 to 75.65.

In terms of year-to-date performance, during the current financial year, the PKR has appreciated against the Dollar by 8.07 rupees or 2.91 per cent.

Similarly, in the current calendar year, the PKR has appreciated by 3.94 rupees or 1.42 per cent.

In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates remained unchanged at 21.41 per cent and 21.66 per cent.