PKR strengthens 1.47 against the US dollar

The intraday high (bid) and low (ask) for the local unit were 280.09 and 278.5, respectively.

The local currency increased by 1 rupee on the open market as the dollar was exchanged for 277 for purchasing and 280 for selling, as opposed to the previous closure of 278 for buying and 281 for selling.

The Pakistan Rupee appreciated 2.73 rupees relative to the Euro, closing at 293.76 as opposed to 296.49, as compared to major currencies.

The British Pound closed at 337.85, down from 341.94 the previous day, a decrease of 4.08 rupees.

The Swiss franc closed at 309.9, down 1.78 rupees from the previous session's 311.67.

PKR gained 1.06 paisa vs the Japanese Yen, closing at 1.861 versus 1.872 the previous day.

The Chinese Yuan closed at 38.1033, down 0.23 paisa from the previous session's 38.334 close.

The value of the Saudi Riyal decreased by 39 paisa from its closing value of 74.72 to 74.33 on the previous day.

The value of the U.A.E. Dirham dropped from 76.308 to 75.908 a day ago, a loss of 40 paisa.

The value of the rupee has increased by 7.18 rupees, or 2.57%, compared to the US dollar during the current fiscal year. In contrast, the value of the PKR has decreased by 18.79%, or 52.38 rupees, this calendar year.

The benchmark 6-month Karachi Interbank Bid and Offer rates in the money market decreased by 49 basis points to 21.93% and 22.18%.

Furthermore, the State Bank of Pakistan (SBP) carried out a Modarabah Open Market Operation (OMO) that complies with Shariah and a reverse repo today. Through the OMO, the SBP added Rs732.75 billion to the market.

However, no offers were made in response to the requested quotes for the Modarabah-based OMO that complies with Shariah.