The Pakistani rupee (PKR) lost value against the US dollar in the recent trading session, settling at PKR 288.49 per USD compared to the previous session’s closing of PKR 287.60 per USD. The currency saw a highest point of 288.5 and a lowest point of 288.25 during the day.
In the open market, exchange companies quoted the buying rate for the dollar at 294 PKR and the selling rate at 297 PKR. Over the week, the PKR depreciated by 1.53 Rupees or 0.53% against the USD.
In comparison to major currencies, the PKR lost 55.57 paisa against the Euro, closing at 317.26. The British Pound became cheaper by 23.96 paisa, closing at 366.68. The Swiss franc also saw a small loss, closing at 329.22.
Against the Japanese Yen, PKR gained 0.51 paisa, closing at 1.995. The Chinese Yuan lost 2.62 paisa, closing at 39.87.The Saudi Riyal gained value, increasing by 24.97 paisa from the previous day to close at 78.55.
During the current financial year, the PKR has depreciated against the Dollar by 2.5 rupees or 0.87%. In the current calendar year, PKR has depreciated by 62.06 rupees or 21.51%.
In the Money Market, the benchmark 6-Month Karachi Interbank Bid and Offer rates slightly decreased to 22.78% and 23.03%.
Furthermore, the State Bank of Pakistan (SBP) injected a total of Rs1.01 trillion into the market through reverse repo and Shariah-Compliant Modarabah-based Open Market Operations (OMOs). Rs724.95 billion were injected through reverse repo OMO, while the remaining Rs291 billion were injected through Shariah-Compliant Modarabah Based OMO. The U.A.E Dirham also closed higher at 76.8915, with a gain of 23.92 paisa.
