PKR Drops 38 Paisa Compared to USD in Trading

In relation to the US dollar, the currency experienced an intraday high (bid) of 281 and a low (ask) of 280.7.

The local unit lost 1 rupee on the open market as the dollar was quoted by exchange companies at 281 for purchasing and 283.5 for selling, as opposed to the closing values of 279.5 for buying and 282.8 for selling.

Remarkably, the local currency lost ground versus the US dollar last week, marking its second straight week of losses.

Additionally, traders were waiting for the central bank to announce its policy rate decision at today's Monetary Policy Committee (MPC) meeting.

The majority of market players, according to the most recent Mettis Link News poll, anticipate no change in the policy rate.

The Pakistani rupee dropped 22.82 paisa in value relative to the euro, finishing at 296.4 from a previous value of 296.17.

The British Pound closed at 339.82, down from 339.94 the day before, a decrease of 12.06 paisa.

The Swiss franc closed at 310.89, down 72.2 paisa from the previous session's 311.61.

PKR lost 1.05 paisas versus the Japanese Yen, closing at 1.879 versus 1.869 the previous day.

The Chinese Yuan closed at 38.3931, up 5.11 paisa from the previous session's finish of 38.342.

The Saudi Riyal closed at 74.89, up 9.72 paisa from the previous day's value of 74.79.

The value of the U.A.E. Dirham rose from 76.386 to 76.49 a day ago, an increase of 10.44 paisa.

The value of the PKR has increased by 5.04 rupees, or 1.79%, compared to the US dollar during the current fiscal year. In contrast, the value of the PKR has decreased by 19.41%, or 54.52 rupees, this calendar year.

The benchmark 6-month Karachi Interbank Bid and Offer rates in the money market decreased by 5 basis points to 21.67% and 21.92%.