Dollar
The Pakistani rupee (PKR) experienced a slight depreciation against the US dollar during Monday’s interbank trading session, losing 20.84 paisa or approximately 0.07%. The currency closed at 283.17 PKR per USD, compared to the previous session’s closing value of 282.96.
Throughout the day, the rupee saw fluctuations, reaching an intraday high bid of 282.5 and a low ask of 285.15. In the open market, exchange companies quoted the dollar at 283.00 for buying and 285.15 for selling, reflecting ongoing volatility.
When compared against other major global currencies, the Pakistani rupee showed mixed performance. Against the Euro, the rupee weakened by 1.46 rupees or 0.45%, settling at 327.86 PKR from the previous 326.40.
Similarly, it depreciated against the British Pound by 91.97 paisa or 0.24%, closing at 384.60 compared to 383.68 the day before. The rupee’s decline continued against the Swiss franc, losing 2.05 paisa or 0.01% to finish at 348.50 PKR.
In contrast, the rupee gained slightly against the Japanese Yen, appreciating by 0.44 paisa or 0.22%, closing at 1.9626 PKR per Yen, up from 1.9670. Against the Chinese Yuan, the local currency fell by 3.26 paisa or 0.08%, closing at 39.44 PKR compared to 39.40 previously.
The rupee also weakened against the Saudi Riyal by 7.96 paisa or 0.11%, closing at 75.45, and against the UAE Dirham by 6.09 paisa or 0.08%, settling at 77.11 PKR.
Looking at broader trends, the Pakistani rupee has depreciated against the US dollar by 4.83 rupees or 1.71% since the start of the current fiscal year. Similarly, in the calendar year to date, the rupee has fallen by 4.62 rupees or 1.63%. This trend reflects ongoing economic pressures and external factors influencing the exchange rate.
In the money market, the benchmark six-month Karachi Interbank Bid and Offer rates edged higher by 3 basis points, reaching 10.84% and 11.09% respectively, indicating a modest increase in borrowing costs.
Overall, the currency’s performance indicates ongoing challenges for Pakistan’s economy, with fluctuations against key global currencies impacting trade and investment. Analysts will be closely watching for any policy measures or external developments that could stabilize the rupee’s value in the coming weeks.
