Pakistani rupee shows marginal strength, gains 4.51 paisa against US dollar

In Monday’s interbank session, the Pakistani rupee (PKR) exhibited a slight appreciation of 4.51 paisa against the US dollar (USD), settling at PKR 279.85 per USD, compared to the previous closing of PKR 279.9 per USD. The intraday fluctuations showed a bid high of Rs280.1 and an ask low of Rs279.8.

In the open market, exchange companies quoted the dollar at 279 for buying and 281 for selling. Notably, Pakistan received the second installment of SDR 528 million, equivalent to $705.6 million, from the International Monetary Fund (IMF) last week. 

The first review report under the standby arrangement emphasised the importance of market-determined exchange rates and the gradual development of the foreign exchange (FX) market.

Against major currencies, the PKR experienced fluctuations:

Euro: lost 37.07 paisa, closing at 304.84 compared to the previous value of 304.47.

British Pound: increased by 39.06 paisa, closing at 355.33 compared to 354.94 from a day ago.

Swiss Franc: Saw losses of 20.03 paisa, closing at 322.08 compared to 322.28 in the previous session.

Japanese yen: lost 0.19 paisa, closing at 1.8895 versus 1.8876 a day ago.

Chinese Yuan: Lost 2.38 paisa, closing at 38.89 against 38.91 from the previous session.

Saudi Riyal: Closed at 74.62 with a loss of 1.2 paisa from its value of 74.63 a day ago.