Rupee continues gaining, closes at Rs283.87 against US dollar

WEB DESK: The Pakistani rupee (PKR) continued its positive trend this week, gaining 1.09 rupees against the US dollar (USD). It settled at PKR 283.8715 per USD, a notable improvement from last week’s closing at PKR 284.97 per USD.

In today’s trading session, the local currency closed with a 25-paisa gain. The intraday high (bid) was recorded at Rs284.05, while the low (ask) was at Rs284.

In the open market, exchange companies set the buying rate for the dollar at Rs283 and the selling rate at Rs284.75. This marks the fourth consecutive day of gains for the PKR against the US dollar.

Compared to other major currencies, the PKR gained 26.66 paisa against the Euro, closing at 305.9993. The British Pound became cheaper by 79.38 paisa, settling at 356.6703.

The Swiss franc experienced a loss of 98.76 paisa, closing at 324.0912. Against the Japanese yen, PKR lost 1.89 paisa, closing at 1.9693. The Chinese Yuan lost 5.81 paisa, closing at 39.6471.

The Saudi Riyal closed at 75.6839, experiencing a loss of 6.7 paisa. The UAE dirham decreased by 6.32 paisa, settling at 77.366.

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In the money market, the benchmark 6-month Karachi Interbank bid and offer rates slightly increased by 1 basis point to 21.42 per cent and 21.67 per cent, respectively.

During the current financial year, the PKR has appreciated against the dollar by 2.12 rupees, or 0.75 per cent. However, in the current calendar year, the PKR has depreciated by 57.44 rupees, or 20.23 per cent.

Additionally, the State Bank of Pakistan (SBP) conducted an Open Market Operation (OMO), injecting a cumulative amount of Rs4.56 trillion.

Out of this, Rs4.41 trillion were injected through reverse repo OMO, while the remaining Rs145 billion was injected through Shariah-compliant Modarabah-based OMO.