Pakistani Rupee Strengthens by 8 Paisa Against USD

In the latest interbank session, the Pakistani rupee (PKR) showcased resilience by gaining 7.98 paisa against the US dollar. The currency concluded the trading day at PKR 279.34 per USD, marking a positive shift from the previous session's closing at PKR 279.42 per USD.

Throughout the day, the currency reached an intraday high (bid) of 279.7 and a low (ask) of 279.4.

In contrast to other major currencies, the PKR experienced a decrease of 10.97 paisa against the Euro, closing at 300.6 compared to the previous value of 300.49.

The British Pound strengthened by 1.63 rupees, closing at 352.53, up from 350.9 in the previous session.

The Swiss franc incurred losses of 69.96 paisa, closing at 320.47 compared to 321.17 in the previous session.

Against the Japanese Yen, PKR lost 0.52 paisa, closing at 1.8866 versus 1.8814 a day ago.

The Chinese Yuan also witnessed a decrease of 2.16 paisa, closing at 38.83 against 38.85 from the previous session.

The Saudi Riyal concluded at 74.49, registering a loss of 2.73 paisa from its previous value of 74.51.

The U.A.E Dirham depreciated by 2.27 paisa, shifting from 76.05 a day ago to 76.08.

Looking at the overall performance during the current financial year, PKR has strengthened against the Dollar by 6.65 rupees or 2.38%. Similarly, in the current calendar year, the PKR has appreciated by 2.52 rupees or 0.9%.

In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates witnessed a decrease of 9 basis points, settling at 20.96% and 21.21%.

The downward trend in yields began when the State Bank of Pakistan (SBP) maintained the policy rate at 22% for the fifth consecutive meeting. Despite this, the recent T-bills auction saw declining yields, leading to renewed pressure on secondary market yields.