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9th consecutive gain: PKR closes at Rs282.53 against US dollar

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Throughout the week, the Pakistani rupee (PKR) showed resilience against the US dollar (USD), marking its sixth consecutive weekly gain and securing its ninth consecutive daily victory.

Closing at PKR 282.53 per USD, the local currency appreciated by 73 paisa compared to the previous session’s closing rate of PKR 283.26 per USD.

In the open market, Exchange Companies reported a 25 paisa increase in the PKR’s value, with buying and selling rates at Rs281 and Rs284, respectively, contrasting with the earlier session’s rates of Rs281.25 for buying and Rs284.25 for selling.

Read More: PSX ends the week 1.58% lower, shedding 988 points

However, despite these gains, Bloomberg forecasts the PKR to conclude the year as Asia’s worst-performing currency, anticipating continued losses into 2024.

In its performance against major currencies, the PKR showed varied outcomes. Notably, it lost Rs1.24 against the Euro, closing at Rs310.81, and gained Rs1.24 against the British Pound, closing at Rs358.66.

The Swiss franc saw gains of Rs1.88, closing at Rs329.84, while against the Japanese Yen, the PKR lost 1.23 paisa, closing at Rs1.986.

The Chinese Yuan lost 2.66 paisa, closing at Rs39.5496, and the Saudi Riyal closed at Rs75.31, registering a loss of 6.86 paisa. Similarly, the UAE Dirham decreased by Rs6.59 paisa, closing at Rs76.933.

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In the current financial year, the PKR has appreciated against the US dollar by Rs3.46 or 1.23 per cent. However, the calendar year has seen a depreciation of Rs56.1 or 19.86 per cent.

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