Exchange rates: PKR drops 19 paisa against USD, rises Rs1.12 against Euro

On Thursday, the Pakistani rupee (PKR) saw a slight depreciation of 19.23 paisa, or 0.07 per cent, against the US dollar (USD) in the interbank market.

The rupee settled at PKR 278.64 per USD, compared to the previous closing rate of PKR 278.45. Throughout the trading session, the rupee reached an intraday high bid of PKR 278.80 and an intraday low ask of PKR 278.70.

In the open market, exchange companies quoted the USD at PKR 279.13 for buying and PKR 280 for selling.

Here’s how Pakistani currency performed against other major currencies:

In comparison to other major currencies, the Swiss franc gained 50.26 paisa, closing at PKR 330.75, up from PKR 330.25 in the previous session. Conversely, the British pound depreciated by 38.65 paisa, settling at PKR 368.07, compared to PKR 368.46 from the day before.

The PKR also strengthened against the Euro, gaining 1.12 rupees to close at PKR 309.60, up from PKR 310.72. The Chinese yuan saw an increase of 13.78 paisa, closing at PKR 39.20 compared to PKR 39.06 previously.

Against the Japanese yen, the PKR gained 0.01 paisa, ending at PKR 1.926, compared to PKR 1.9261 a day earlier. The Saudi riyal closed at PKR 74.26, reflecting a gain of 4.93 paisa from PKR 74.21 the previous day. The UAE dirham appreciated by 5.24 paisa, closing at PKR 75.81 compared to PKR 75.86.

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In recent months, the PKR has largely fluctuated between PKR 277 and PKR 279 as traders await approval from the International Monetary Fund’s (IMF) Executive Board for a new $7 billion Extended Fund Facility. In a positive development,

Moody’s Ratings upgraded Pakistan’s local and foreign currency issuer and senior unsecured debt ratings from Caa3 to Caa2. Moody’s also anticipates IMF approval for Pakistan’s Extended Fund Facility in the coming weeks.

Globally, the US dollar stabilised on Thursday, recovering some of its previous losses. Traders are now looking forward to a key US inflation report at the end of the week, which may provide further insights into the future direction of interest rates.

So far in the current financial year, the PKR has depreciated against the dollar by 30.11 paisa, or 0.11 per cent. However, for the calendar year, the PKR has appreciated by 3.22 rupees, or 1.16 per cent.