Interbank closing: Pakistani rupee drops 5 paisa against US dollar

WEB DESK: In the latest interbank session on Tuesday, the Pakistani rupee (PKR) witnessed a slight depreciation of 5.05 paisa against the US dollar (USD).

The currency settled at PKR 279.31 per USD, compared to the previous session’s closing rate of PKR 279.26 per USD.

During the day, the rupee saw an intraday high (bid) of 279.52 and a low (ask) of 279.17. In the open market, exchange companies quoted the dollar at 279.41 for buying and 282.02 for selling.

When compared to major currencies, the PKR gained 1.5 paisa against the Euro, closing at 303.08, as opposed to the previous value of 303.1.

However, the British Pound became costlier by 10.59 paisa, closing at 354.13 compared to the previous day’s 354.02.

The Swiss franc experienced losses of 1.57 rupees, closing at 315.45 compared to 317.02 from the previous session.

Against the Japanese yen, PKR lost a marginal 0.01 paisa, closing at 1.8572 versus 1.8571 a day ago. Meanwhile, the Chinese Yuan gained 0.67 paisa, closing at 38.8 against 38.79 from the previous session.

The Saudi Riyal closed at 74.48, registering a gain of 1.35 paisa from its value of 74.46 a day ago. The U.A.E. dirham increased in value by 1.58 paisa from 76.05 a day ago to 76.03.

Throughout the current financial year, the PKR has appreciated against the dollar by 6.68 rupees, or 2.39 per cent. Similarly, in the current calendar year, the PKR has appreciated by 2.55 rupees, or 0.91 per cent.

In the money market, the benchmark 6-month Karachi Interbank bid and offer rates slightly decreased by 3 bps to 21.31 per cent and 21.56 per cent, respectively.

Oil prices, considered a key indicator of currency parity, stabilised on Tuesday after a previous session’s decline.

The prospect of a tighter market due to OPEC+ supply restraint offset concerns over Chinese growth and uncertainties regarding the pace of interest rate cuts.

China set an economic growth target for 2024 at around 5 per cent, similar to last year’s goal and in line with analysts’ expectations.

However, the absence of significant stimulus plans disappointed investors. Brent crude rose by 15 cents, or 0.2 per cent, to $82.95 a barrel by 0911 GMT, while US West Texas Intermediate (WTI) fell 21 cents, or 0.3 per cent, to $78.53.

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