The Pakistani rupee (PKR) witnessed a marginal depreciation of 14 paisa against the US dollar in Thursday's interbank trading session.
The currency settled at PKR 278.4 per USD, slightly lower than the previous session's closing of PKR 278.26 per USD.
During the trading day, PKR recorded an intraday high (bid) of 278.65 and a low (ask) of 278.45.
In the open market, exchange companies quoted the dollar at 276.96 for buying and 279.45 for selling.
Compared to other major currencies, PKR showed a mixed trend. Against the Euro, the Pakistani rupee lost 1.46 rupees, closing at 302.71 compared to the previous value of 301.25.
Similarly, the British Pound became relatively more expensive by 2.56 rupees, closing at 353 compared to 350.45 from the previous day.
Conversely, the Swiss franc saw gains of 1.95 rupees, closing at 309.3 compared to 307.36 from the previous session.
Against the Japanese Yen, PKR experienced a minor decline, closing at 1.8027 versus 1.7827 a day ago, losing only 2 paisa.
The Chinese Yuan gained 5 paisa, closing at 38.57 against 38.52 from the previous session.
Meanwhile, the Saudi Riyal closed at 74.23 with a gain of 3.73 paisa from its value of 74.2 a day ago, and the U.A.E Dirham increased in value by 3.91 paisa from 75.8 a day ago to 75.76.
**Appreciation Trends and Money Market Activities**
Despite the slight depreciation against the Dollar, the Pakistani rupee has showcased resilience during the current financial year, appreciating by 7.59 rupees or 2.72%. In the current calendar year, PKR has appreciated by 3.46 rupees or 1.24%.
In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates witnessed a decline of 21 bps to 21.1% and 21.35%. Analysts attribute this drop in yields to yesterday's auction, where the cut-off yields plummeted by up to 49bps.
Moreover, the State Bank of Pakistan (SBP) conducted a reverse repo-based Open Market Operation (OMO) today, injecting a total of Rs913.35 billion into the market, aiming to maintain liquidity levels and stabilize the financial environment.
