Pakistani rupee closes the week at Rs286.5 vs US dollar

WEB DESK: According to the State Bank of Pakistan, the Pakistani rupee (PKR) gained 1.13 rupees against the US dollar (USD) this week, closing at PKR 285.37 compared to the previous week’s ending of PKR 286.5 per USD.

During today’s session, the local currency depreciated by around 11 paisa, experiencing an intraday high (bid) of 285.5 and a low (ask) of 285 against USD.

In the open market, the PKR strengthened by 50 paisa, as exchange companies quoted the dollar at 283 for buying and 286 for selling. This is in contrast to the previous closing rates of 283.5 for buying and 286.5 for selling.

This marks the second consecutive weekly gain for the PKR against the US dollar. In comparison to major currencies, the PKR lost 8.73 paisa against the Euro, closing at 311.31 compared to the previous value of 311.22.

The British Pound became more expensive by 1.43 rupees, closing at 358.2 compared to the previous day’s 356.77. The Swiss franc saw gains of 8.36 paisa, closing at 322.89 compared to 322.81 from the previous session.

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Against the Japanese yen, the PKR gained 0.4 paisa, closing at 1.908 versus 1.912 a day ago. The Chinese Yuan lost 5.97 paisa, closing at 39.8984 against 39.9581 from the previous session.

The Saudi Riyal closed at 76.09 with a gain of 3.03 paisa from its value of 76.06 a day ago. The UAE. dirham increased in value by 2.78 paisa from 77.674 a day ago to 77.702.

During the current financial year, the PKR has appreciated against the dollar by 0.62 rupees, or 0.22 per cent. However, in the current calendar year, PKR has depreciated by 58.94 rupees, or 20.65 per cent.