April 16, 2025 – The Pakistani Rupee (PKR) continued its modest upward trajectory against the US Dollar during Wednesday’s interbank session, gaining 10.51 paisa or 0.04% to close at PKR 280.46 per USD. This slight appreciation follows the previous day’s close of PKR 280.57, signaling cautious optimism in the local currency market amid ongoing global economic fluctuations.
During the trading day, the rupee saw an intraday high (bid) of 280.60 and a low (ask) of 280.45, reflecting relatively stable movement within a tight range. In the open market, exchange companies quoted the greenback at PKR 280.00 for buying and PKR 282.15 for selling, indicating a slight premium over interbank rates—a common occurrence in currency markets.
Despite the gain against the dollar, PKR’s performance was mixed when compared with other major global currencies. The local unit depreciated against the Euro, falling by 6.30 paisa or 0.02% to close at 319.01 versus the previous close of 318.95. A more significant drop was seen against the British Pound, where PKR lost Rs. 1.12 or 0.30%, closing at 372.36 from 371.23 a day earlier.
On a more positive note, the rupee appreciated against the Swiss Franc by 17.11 paisa or 0.05%, ending the session at PKR 344.08. It also gained 8.17 paisa or 0.21% against the Chinese Yuan, closing at 38.29 from 38.38. Additional gains were recorded against regional currencies: 2.99 paisa (0.04%) against the Saudi Riyal to 74.74 and 2.86 paisa (0.04%) against the UAE Dirham to close at 76.36.
However, against the Japanese Yen, the rupee fell by 1.20 paisa or 0.61%, ending the day at 1.9719 compared to 1.9599 in the previous session. These fluctuations highlight the sensitivity of the rupee to global currency trends and underscore the impact of macroeconomic shifts in other markets.
So far in the current fiscal year, the rupee has depreciated by Rs. 2.12 or 0.76% against the US Dollar. In calendar year terms, this translates to a decline of Rs. 1.91 or 0.68%. These modest losses come against the backdrop of broader exchange rate volatility that continues to affect emerging market currencies.
Meanwhile, in the money market, the benchmark 6-month Karachi Interbank Bid and Offer Rates (KIBOR) remained unchanged at 11.83% and 12.08% respectively, indicating stable short-term lending costs for banks.
The rupee’s recent movement comes within a relatively narrow trading band, reflecting cautious sentiment and close monitoring of external financial developments, including oil prices, global interest rate trends, and geopolitical developments. Over the past 52 weeks, the USD/PKR rate has seen a high of 280.77 and a low of 277.52, with the current rate standing just 0.11% off its recent peak.
While the PKR’s appreciation today may offer slight relief to importers and those managing foreign debt obligations, currency market participants continue to keep a close eye on central bank policies, trade balances, and international reserves for longer-term indicators of exchange rate direction.
As Pakistan navigates a challenging global economic environment, the currency’s performance will remain a key metric watched by investors, traders, and policymakers alike.