Pakistani rupee strengthens by 5 paisa, closes at PKR 281.67 against US dollar

The Pakistani rupee (PKR) demonstrated a 5.08 paisa appreciation against the US dollar during Thursday’s interbank session, concluding at PKR 281.67 per USD, compared to the previous closing at PKR 281.72 per US dollar (USD).

Throughout the day, the currency reached an intraday high (bid) of Rs281.84 and a low (ask) of Ra281.8. In the open market, Exchange Companies quoted the dollar at Rs281 for buying and Rs283 for selling.

It’s noteworthy that the local unit concluded its 13-day historic winning streak against the greenback in the first trading session of 2024, experiencing a modest depreciation of 3.37 paisa against the US dollar.

In contrast to major currencies, PKR gained 56.27 paisa against the Euro, closing at Rs308.07 compared to the previous value of Rs308.63. 

The British Pound saw an increase of Rs1.25, concluding at Rs357.49 compared to Rs356.24 from the previous day.

The Swiss franc recorded gains of 75.99 paisa, closing at Ra332.01 compared to Rs331.25 from the previous session. 

Against the Japanese Yen, PKR gained 1.18 paisa, closing at 1.964 versus 1.9758 a day ago. The Chinese Yuan lost 4.96 paisa, closing at 39.38 against 39.43 from the previous session. 

The Saudi Riyal closed at 75.1 with a loss of 1.75 paisa from its values of 75.12 a day ago, and the U.A.E Dirham decreased by 1.28 paisa from 76.69 to 76.71.

In the current financial year, PKR has appreciated against the Dollar by 4.32 rupees or 1.53 per cent, while the current calendar year has seen PKR appreciate by 18.73 paisa or 0.07 per cent. 

In the money market, the benchmark 6 Month Karachi Interbank Bid and Offer rates decreased by 6 bps to 21.16 and 21.41 per cent.