Pakistani rupee continues to gain ground against major currencies

In Tuesday’s interbank session, the Pakistani rupee (PKR) demonstrated resilience against the US dollar (USD), settling the trade at PKR 280.25 per USD.

This maintained a stable position compared to the previous session’s closing rate of PKR 280.24 per USD.

Throughout the day, the currency experienced an intraday high (bid) of Rs280.6 and a low (ask) of Rs280.1.

In the open market, Exchange Companies quoted the US dollar at Rs279 for buying and Rs281 for selling.

Notably, the PKR celebrated its 9th consecutive weekly victory, appreciating by 1.04 rupees against the US dollar last week.

This positive trend can be attributed to various factors, including increased liquidity in the foreign exchange market, tighter enforcement of regulations, a reduction in the money supply, a balance of payments surplus due to low import demand, and a moratorium on Chinese debt repayments.

In comparison to major currencies, the PKR exhibited strength by gaining 1.17 rupees against the Euro, closing at Rs305.92 in contrast to the previous value of Rs307.09.

The British Pound became more affordable by Rs2.15, concluding at Rs355.06 compared to Rs357.21 from the previous day.

The Swiss franc experienced losses of 2.48 rupees, closing at Rs326.23 as opposed to Rs328.71 in the previous session.

Against the Japanese Yen, the PKR gained 0.96 paisa, closing at Rs1.9181 versus Rs1.9277 a day ago.

Meanwhile, the Chinese Yuan saw a slight decline, losing 6 paisa and closing at Rs39.01 against Rs39.07 from the previous session.