Interbank closing: PKR gains 16 paisa versus USD

WEB DESK: In Monday’s interbank session, the Pakistani rupee (PKR) demonstrated appreciation, strengthening by over 16 paisa against the US dollar (USD).

The closing rate for the day stood at PKR 279.2 per USD, compared to the previous session’s closing rate of PKR 279.36 per USD.

Throughout the trading day, the PKR exhibited an intraday high (bid) of 280 and a low (ask) of 279.

Meanwhile, in the open market, exchange companies quoted the dollar at 281 for buying and 282.3 for selling.

The culmination of the general elections and subsequent results has generated positive sentiment in the financial markets, marking the end of a period of instability that persisted until last week.

This recent stability contrasts with the earlier fluctuations observed against the USD, attributed to political unrest following the elections on February 8.

Comparatively, the PKR experienced gains against other major currencies, appreciating by 23.16 paisa against the Euro to close at 302.32.

The British Pound saw a reduction of 8 paisa, closing at 353.87, and the Swiss franc incurred losses of 18.42 paisa, settling at 316.98.

However, the PKR lost 0.06 paisa against the Japanese Yen, closing at 1.8555, and the Chinese Yuan closed at 38.79 with a loss of 2.23 paisa.

The Saudi Riyal closed at 74.45 with a decrease of 4.13 paisa, and the UAE dirham decreased by 4.42 paisa, closing at 76.06.

In the current financial year, the PKR has appreciated against the dollar by 6.79 rupees, or 2.43 per cent.

Additionally, within the current calendar year, the PKR has appreciated by 2.66 rupees, or 0.95 per cent.

Turning attention to the money market, the benchmark 6-month Karachi interbank bid and offer rates experienced a slight increase of 6 basis points, reaching 21.49 per cent and 21.74 per cent, respectively.

This uptick in yields follows the decision by the central bank in its last meeting to maintain borrowing costs at a record high of 22 per cent, a measure taken to curb inflation and ensure financial stability.

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