Pakistani rupee gains 20 paisa to close at Rs283.01 vs dollar

WEB DESK: In the latest interbank session on Tuesday, the Pakistani rupee (PKR) demonstrated a positive trend by strengthening approximately 20 paisa against the US dollar (USD).

The closing exchange rate settled at PKR 283.01, showcasing an improvement from the previous day’s closure at PKR 283.21 per USD.

Throughout the trading day, the local currency recorded a high bid of Rs284.05 and a low ask of Rs284.25.

Meanwhile, in the open market, exchange companies set the buying rate for the dollar at Rs281.5 and the selling rate at Rs284.5.

In contrast to other major currencies, the PKR experienced a gain of 4.57 paisa against the Euro, concluding at Rs309.3 in comparison to the preceding value of Rs309.35.

The British Pound witnessed a reduction of Rs1.04, reaching a closing rate of Rs358.49 compared to the previous day’s Rs359.54.

The Swiss franc exhibited gains of 73.26 paisa, closing at Rs326.84, up from Rs326.11 in the previous session.

Against the Japanese yen, the PKR strengthened by 2.59 paisa, concluding at Rs1.963 as opposed to Rs1.989 a day earlier.

Conversely, the Chinese Yuan experienced a decrease of 11.01 paisa, closing at Rs39.6013 against Rs39.7114 from the preceding session.

The Saudi Riyal concluded at Rs75.44, registering a loss of 4.65 paisa compared to its value of Rs75.49 a day ago. Similarly, the UAE. dirham depreciated by 5.26 paisa, settling at Rs77.061, down from Rs77.113.

Analysing the performance over the current financial year, the PKR displayed an appreciation of Rs2.98, or 1.05 per cent, against the dollar. However, within the calendar year, the PKR witnessed a depreciation of Rs56.58, or 19.99 per cent.

Shifting focus to the money market, the benchmark 6-month Karachi Interbank bid and offer rates experienced a marginal decline of 3 basis points, settling at 21.19 per cent and 21.44 per cent.

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