In Wednesday’s interbank trading session, the Pakistani rupee (PKR) exhibited resilience against the US dollar (USD), registering a gain of over 11 paisa.
The closing rate concluded at PKR 282.9, an improvement from the previous day’s closure at PKR 283.01 per USD. The local currency observed a bid high of Rs283 and an ask low of Rs282.5 throughout the day.
In the open market, exchange companies quoted the dollar at Rs281.5 for buying and Rs284.5 for selling. Against major currencies, the PKR depreciated by 95.3 paisa against the Euro, closing at Rs310.26 compared to the previous value of Rs309.3.
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The British Pound decreased 28.29 paisa, settling at Rs358.21 from Rs358.49 the previous day.
The Swiss franc witnessed an increase of Rs1.6, closing at Rs328.44 compared to Rs326.84 in the previous session.
Against the Japanese yen, the PKR lost 0.7 paisa, closing at Rs1.97 instead of Rs1.963 a day ago.
Conversely, the Chinese Yuan gained 4.59 paisa, concluding at Rs39.6472 against Rs39.6013 from the preceding session.
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The Saudi Riyal closed at Rs75.39, experiencing a loss of 4.99 paisa from its value of Rs75.44 a day ago.
The UAE Dirham also saw a decrease in value of 3.36 paisa, settling at Rs77.027 compared to Rs77.061 the previous day.
In a broader perspective, the PKR has appreciated against the US dollar by Rs3.09, or 1.09%, during the current financial year.
However, it has depreciated by Rs56.47 in the calendar year, or 19.96%.
Shifting the focus to the money market, the benchmark 6-month Karachi Interbank bid and offer rates experienced a marginal decline of 1 basis point, settling at 21.18% and 21.43%.
