PKR Rebounds, Gains 16 Paisa Against USD
In the open market, exchange companies quoted the dollar at 279.45 for buying and 282.04 for selling.
Karobar
The Pakistani rupee (PKR) appreciated by around 16 paisa against the US dollar in Wednesday's interbank session as the currency settled the trade at PKR 279.12 per USD, compared to the previous session's closing of PKR 279.28 per USD.
The currency saw an intraday high (bid) of 279.25 and a low (ask) of 278.95.
The uncertainty surrounding the general elections held in the country on February 08, has somewhat disrupted the stable phase the home unit maintained against the USD for a significant period.
Last week even though the domestic currency closed stable against the USD, it witnessed continuous fluctuations throughout the week.
It is crucial to mention that the International Monetary Fund (IMF) on Thursday expressed its eagerness to collaborate with the new government on policies to ensure macroeconomic stability.
The Fund appreciated the caretaker government of Pakistan for its efforts in maintaining economic stability through strict adherence to fiscal targets, while also safeguarding the social safety net.
In comparison to major currencies, PKR gained 1.06 rupees against the Euro, closing at 302.12 compared to the previous value of 303.18.
The British Pound became cheaper by 1.11 rupees closing at 353.31 compared to 354.42 from a day ago.
The Swiss franc saw losses of 80.98 paisa, closing at 316.89 compared to 317.7 from the previous session.
Against the Japanese Yen, PKR gained 0.63 paisa, closing at 1.8511 versus 1.8574 a day ago.
The Chinese Yuan lost 2.56 paisa, closing at 38.77 against 38.8 from the previous session.
The Saudi Riyal closed at 74.42 with a loss of 4.1 paisa from its value of 74.47 a day ago.
The U.A.E Dirham decreased in value by 4.08 paisa from 75.99 a day ago to 76.03.
During the current financial year, PKR has appreciated against the Dollar by 6.87 rupees or 2.46%. While the current calendar year has seen PKR appreciate by 2.74 rupees or 0.98%.
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates remained unchanged at 21.49% and 21.74%.
