The Pakistani rupee (PKR) remained stable against the US Dollar (USD) throughout today’s session in the interbank market, opening trade at 278 and closing with a slight appreciation.
According to the State Bank of Pakistan, the rupee closed in green, gained one paisa, and finished the day at Rs277.73.
Rupee’s performance against major currencies
During today’s interbank trading, the PKR appreciates against several major global currencies. It appreciated by 61 paisas against the Australian Dollar (AUD), Rs1.06 against the British Pound (GBP), and Rs1.44 against the Euro (EUR). On the fiscal year-to-date basis, the rupee has appreciated by 0.22 per cent.
Moreover, the PKR slightly depreciates against the UAE Dirham (AED) and the Saudi Riyal (SAR), closing in red. The rupee also lost two paisas against the Canadian Dollar (CAD).
Open market overview
In the open market, PKR remained stable throughout the day, with rates ranging from Rs278 to Rs281 across various currency counters.
The consistency in exchange rates across both interbank and open market trading suggests the rupee is holding steady amid fluctuations in global currency trends.
While the rupee’s strength against major currencies today reflects positive sentiment in the interbank market, fluctuations in global markets and trade volumes will be crucial in determining its future trajectory.
The PKR’s appreciation against key currencies like the AUD, GBP, and EUR marks a favorable trend for Pakistan’s currency in the near term.
Separately, The price of gold in Pakistan hit a record high again on Wednesday, reaching Rs285,400 amid global uncertainties.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold saw an increase of Rs2,000 in the local market.
In the global bullion market, gold has increased by 20 dollars, now priced at 2,757 dollars per ounce.
Similarly, the price of 10 grams of gold reached a record level of Rs244,684, after an increase of Rs1,714. The price of silver per tola increased by Rs200, reaching Rs3,350
