Pakistani Rupee Gains 17.2 Paisa Against USD

In a noteworthy development for the Pakistani economy, the Pakistani rupee (PKR) demonstrated resilience by appreciating by 17.2 paisa against the US dollar in the interbank session on Wednesday. The currency settled at PKR 282.2 per USD, marking a positive shift from the previous session's closing rate of PKR 282.37 per USD.

During the day's trading, the PKR reached an intraday high (bid) of 282.44 and a low (ask) of 282.3.

In the open market, Exchange Companies set the dollar at 280.79 for buying and 283.20 for selling.

Comparatively, against major currencies, the PKR experienced a slight depreciation of 33.25 paisa against the Euro, closing at 311.6, in contrast to the previous value of 311.27.

The British Pound strengthened by 78.34 paisa, closing at 359.27 compared to 358.48 from the previous day.

The Swiss franc exhibited gains of 37.79 paisa, closing at 330.27 compared to 329.89 in the previous session.

Against the Japanese Yen, the PKR gained 0.69 paisa, closing at 1.9772, as opposed to 1.9841 a day earlier.

The Chinese Yuan experienced a marginal loss of 1.42 paisa, closing at 39.5 against 39.52 from the previous session.

The Saudi Riyal closed at 75.24, registering a loss of 2.98 paisa from its values of 75.27 a day ago.

The U.A.E Dirham depreciated by 4.37 paisa, moving from 76.84 to 76.89.

Providing a broader perspective, in the current financial year, the PKR has appreciated against the Dollar by 3.79 rupees or 1.34%. However, the calendar year has witnessed a depreciation of 55.77 rupees or 19.76%.

Shifting focus to the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates experienced a marginal increase of 2 basis points, reaching 21.19 and 21.44%.