Interbank closing: PKR sheds 6.41 paisa against USD

KARACHI: In Thursday’s interbank session, the Pakistani rupee (PKR) depreciated by 6.41 paisa against the US dollar (USD), closing at PKR 278.17 per USD compared to the previous session’s closing of PKR 278.11.

The local currency experienced an intraday high bid of 278.40 and a low ask of 278.10.

In the open market, exchange companies quoted the dollar at 278.99 for buying and 280.50 for selling.

Comparing the PKR with major currencies, the Swiss franc appreciated by 3.92 rupees, closing at 314.69 from 310.77 in the previous session.

The Saudi Riyal gained 1.51 paisa, closing at 74.16 from 74.15 a day ago. The UAE Dirham increased by 1.75 paisa, reaching 75.72 from 75.73. The British Pound rose by 59.78 paisa, closing at 361.57 from 360.97 the previous day.

Conversely, the PKR lost 1.95 paisa against the Japanese Yen, closing at 1.7806 compared to 1.7611 a day ago.

The rupee also lost 1.1 rupees against the Euro, closing at 304.04 from 302.94. Lastly, the Chinese Yuan gained 3.75 paisa, closing at 38.33 compared to 38.29 from the previous session.

The mixed performance of the rupee against various major currencies highlights the volatile nature of the current economic environment in Pakistan.

Global rating agency Moody’s has commented on Pakistan’s recent staff-level agreement with the International Monetary Fund (IMF), noting that it improves the country’s funding prospects. However, Moody’s cautioned that sustaining reforms is essential for easing liquidity risks.

The mixed performance of the rupee against various major currencies highlights the volatile nature of the current economic environment in Pakistan.

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