WEB DESK: In Tuesday’s interbank trading session, the Pakistani rupee (PKR) appreciated by 10.12 paisa against the US dollar, closing at PKR277.84 compared to the previous session’s PKR 277.94.
Throughout the day, the currency reached a maximum of 278.1 and a minimum of 277.85. Meanwhile, in the open market, exchange companies quoted the dollar at 277.75 for buying and 277.9 for selling.
March marked a significant milestone for the Pakistani currency, as it celebrated its fourth consecutive monthly victory against the US dollar. The USD-PKR exchange rate ended the month at 277.95, showing a decline of around 1.16 rupees or 0.42 per cent from February’s closing rate of 279.11.
However, despite the positive performance of the rupee, the country’s trade situation remains challenging. March witnessed a widening trade deficit of 24.56 per cent month-on-month (MoM), amounting to $2.17 billion, compared to February’s deficit of $1.74 billion.
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Export figures experienced a slight dip, while imports once again showed an upward trend. Against major global currencies, the PKR made gains, appreciating by 1.33 rupees against the Euro, closing at 298.42 compared to the previous rate of 299.75.
Similarly, the British Pound, Swiss franc, and Japanese Yen all saw the PKR making gains, while the Chinese Yuan, Saudi Riyal, and U.A.E Dirham witnessed slight declines in value against the Pakistani rupee.
Throughout the current financial year, the PKR has shown a commendable appreciation of 8.16 rupees or 2.94 per cent against the US dollar. In the calendar year, the PKR’s appreciation stands at 4.03 rupees or 1.45 per cent.
In the money market, the benchmark 6-month Karachi Interbank Bid and Offer rates marginally decreased by 4 basis points to 21.41 per cent and 21.66 per cent, respectively.
