The Pakistani rupee (PKR) held its ground against the US dollar this week, closing at PKR 278.21 per USD in the interbank session. On Friday, the local unit appreciated by 9.03 paisa against the US dollar, compared to the previous session’s closing.
In the open market, exchange companies quoted the dollar at 277.25 for buying and 280.00 for selling. The PKR gained against major currencies, including the Euro, British Pound, Swiss franc, Japanese Yen, Chinese Yuan, Saudi Riyal, and U.A.E Dirham.
The rupee has appreciated against the dollar by 7.78 rupees or 2.8% during the current financial year, and by 3.65 rupees or 1.31% in the current calendar year.
In the money market, the benchmark 6 Month Karachi Interbank Bid and Offer rates remained unchanged at 21.02% and 21.27%. The State Bank of Pakistan (SBP) conducted an open market operation, injecting Rs241.35 billion into the market.
The stable rupee and gains against other currencies are a positive sign for the economy, indicating a stable exchange rate and increased investor confidence. This stability can help boost trade and economic growth, benefiting the country and its citizens.