PKR Strengthens Against USD, Registers 12 Paisa Gain in Interbank Market
In the open market, exchange companies set the buying rate for the dollar at 279 and the selling rate at 281.
Karobar
In Wednesday's interbank session, the Pakistani rupee (PKR) demonstrated resilience by appreciating 11.9 paisa against the US dollar, settling at PKR 279.67 per USD. This marks an improvement from the previous session's closing rate of PKR 279.79 per USD.
Throughout the trading session, the PKR reached an intraday high (bid) of 279.9 and a low (ask) of 279.6.
Comparatively, PKR exhibited strength against major currencies, gaining 82.89 paisa against the Euro, closing at 304.2 compared to the previous value of 305.03. The British Pound also experienced a reduction of 71.09 paisa, concluding at 355.63 compared to 356.34 from the previous day.
The Swiss franc saw a decrease of 30.45 paisa, closing at 322.32 compared to 322.62 in the previous session.
Against the Japanese Yen, PKR gained 0.58 paisa, closing at 1.8935 versus 1.8993 a day ago. The Chinese Yuan appreciated by 0.74 paisa, closing at 39.03 against 39.03 from the previous session.
The Saudi Riyal closed at 74.57, experiencing a loss of 2.88 paisa from its value of 74.6 a day ago. The U.A.E Dirham also declined in value by 3.34 paisa, moving from 76.14 a day ago to 76.18.
In the current financial year, PKR has appreciated against the Dollar by 6.32 rupees or 2.26%. Meanwhile, the calendar year has witnessed PKR gaining 2.19 rupees or 0.78%.
Shifting to the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates slightly decreased by 3 basis points to 20.57% and 20.82%.
