Interbank closing: PKR records gains against US dollar

WEB DESK: In today’s interbank trading session, the Pakistani rupee (PKR) showed strength against the US dollar (USD), gaining more than 29 paisa.

The currency settled at PKR 278.79 per USD, marking an improvement from the previous closing rate of PKR 279.08 per USD.

Throughout the session, the PKR experienced fluctuations, reaching a high bid of 279.15 and a low ask of 278.65.

In the open market, exchange companies quoted the buying price of the dollar at 279.03 PKR, while the selling price stood at 281.61 PKR.

This surge in the domestic currency’s value is attributed to increased dollar sales by exporters in forward contracts, consequently reducing premiums.

Comparatively, the PKR also showed gains against other major currencies. Against the Euro, it strengthened by 71.17 paisa, closing at 304.74 PKR compared to the previous rate of 305.45 PKR.

The British Pound became cheaper by 1.85 rupees, closing at 356.66 PKR from the previous day’s 358.52 PKR.

Similarly, the Swiss franc experienced a decline of 1.04 rupees, closing at 317.56 PKR compared to 318.6 PKR in the prior session.

Against the Japanese yen, the PKR gained 1.5 paisa, closing at 1.8869 PKR versus 1.9019 PKR a day ago. However, the Chinese Yuan depreciated by 10.43 paisa, closing at 38.76 PKR compared to the previous rate of 38.86 PKR.

Furthermore, the Saudi Riyal closed at 74.33 PKR, marking a decrease of 7.63 paisa from its value of 74.41 PKR in the previous session.

Similarly, the U.A.E. Dirham witnessed a decrease in value of 7.69 paisa, falling from 75.9 PKR a day ago to 75.98 PKR.