Pakistani rupee appreciates by 9.32 paisa against US dollar

In the latest interbank session on Tuesday, the Pakistani rupee (PKR) displayed resilience, appreciating by 9.32 paisa against the US dollar. The closing rate settled at PKR 279.55, marking a positive shift from the previous day’s closing at PKR 279.64 per USD.

During the trading day, the local currency experienced an intraday high (bid) of Rs279.66 and a low (ask) of Rs279.6. In the open market, exchange companies quoted the dollar at Rs278.71 for buying and Rs280.86 for selling.

In a significant development, the central bank opted to maintain the policy rate at 22 per cent, a decision unchanged for the fifth consecutive meeting. This decision is amidst the Pakistani rupee’s consistent upward momentum, celebrating its eleventh consecutive weekly victory against the US dollar.

Against other major currencies, the PKR demonstrated strength. It gained 29.66 paisa against the euro, closing at 302.68 compared to the previous value of 302.98. The British Pound became more affordable by 53.78 paisa, closing at 354.86 compared to 355.4 from the previous day.

The Swiss Franc witnessed gains of 45.64 paisa, closing at 324.6 compared to 324.15 from the previous session.

However, against the Japanese yen, the PKR experienced a marginal loss of 0.6 paisa, closing at 1.898 versus 1.892 a day ago. The Chinese Yuan, on the other hand, gained 0.5 paisa, closing at 38.9514 against 38.9464 from the previous session.

The Saudi Riyal closed at 74.54 with a loss of 2.58 paisa from its value of 74.57 a day ago, while the U.A.E. Dirham decreased in value by 2.54 paisa from 76.136 a day ago to 76.111.

Reflecting on the broader financial landscape, during the current financial year, the PKR has appreciated against the dollar by 6.44 rupees, or 2.3 per cent. Meanwhile, the current calendar year has witnessed the PKR appreciate by 2.31 rupees, or 0.83 per cent.

In the money market, the benchmark 6-month Karachi Interbank bid and offer rates experienced a modest increase of 13 basis points, reaching 20.58 per cent and 20.83 per cent, respectively.