April 17, 2024 (MLN): The Pakistani rupee (PKR) depreciated by around 11 paisa against the US dollar in Wednesday's interbank session as the currency settled the trade at PKR 278.4 per USD, compared to the previous session's closing of PKR 278.29 per USD.
The currency saw an intraday high (bid) of 278.5 and a low (ask) of 278.35.
In the open market, exchange companies quoted the dollar at 277.16 for buying and 278.5 for selling.
The conflict-ridden situation in the Middle East has begun to impact the domestic currency, as oil prices continue to escalate.
To note, Iran launched attack drones and missiles against Israel on Saturday, taking the conflict in the region into a perilous new phase.
The government also hiked fuel charges for the second consecutive time on Monday due to higher international prices.
On the other hand, a glimmer of hope arises as Pakistan has initiated discussions with the International Monetary Fund (IMF) over a new multi-billion dollar loan agreement to support its economic reform program.
Furthermore, Shehbaz Sharif has emphasized that both Saudi Arabia and Pakistan need to work closely to expedite the first phase of Saudi investments in Pakistan under the new arrangement, resulting in a substantial inflow of foreign currency.
In comparison to major currencies, PKR lost 32.33 paisa against the Euro, closing at 295.85 compared to the previous value of 295.53.
The British Pound became expensive by 76.05 paisa closing at 346.77 compared to 346.01 from a day ago.
The Swiss franc saw gains of 63.74 paisa, closing at 305.66 compared to 305.03 from the previous session.
Against the Japanese Yen, PKR gained 0.2 paisa, closing at 1.8006 versus 1.8026 a day ago.
The Chinese Yuan gained 2.18 paisa, closing at 38.46 against 38.44 from the previous session.
The Saudi Riyal closed at 74.22 with a gain of 2.87 paisa from its value of 74.19 a day ago.
The U.A.E Dirham increased in value by 2.84 paisa from 75.81 a day ago to 75.78.
During the current financial year, PKR has appreciated against the Dollar by 7.59 rupees or 2.73%. While the current calendar year has seen PKR appreciate by 3.46 rupees or 1.24%.
In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates inched down by 4 bps to 21.46% and 21.71%.
Performance Summary
| Currency | Apr 17, 2024 | Apr 16, 2024 | Change | 1 Month | FYTD | CYTD | 1 Day | 7 Day | 1 Month | MTD | FYTD | CYTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 278.3981 | 278.2903 | -0.1078 | 0.2342 | 7.5924 | 3.4626 | -0.04% | -0.16% | 0.08% | -0.16% | 2.73% | 1.24% |
| EUR | 295.8537 | 295.5304 | -0.3233 | 7.6605 | 17.0771 | 15.6446 | -0.11% | 1.95% | 2.59% | 1.25% | 5.77% | 5.29% |
| GBP | 346.7727 | 346.0122 | -0.7605 | 8.2327 | 17.3646 | 11.8245 | -0.22% | 1.42% | 2.37% | 1.18% | 5.01% | 3.41% |
| CHF | 305.6633 | 305.0259 | -0.6374 | 9.5316 | 14.0935 | 29.4065 | -0.21% | 0.46% | 3.12% | 0.86% | 4.61% | 9.62% |
| JPY | 1.8006 | 1.8026 | 0.002 | 0.0678 | 0.1917 | 0.1889 | 0.11% | 1.62% | 3.77% | 1.98% | 10.65% | 10.49% |
| SAR | 74.2177 | 74.189 | -0.0287 | 0.0793 | 2.0363 | 0.9451 | -0.04% | -0.16% | 0.11% | -0.14% | 2.74% | 1.27% |
| AED | 75.8062 | 75.7778 | -0.0284 | 0.0699 | 2.0556 | 0.9365 | -0.04% | -0.16% | 0.09% | -0.16% | 2.71% | 1.24% |
| CNY | 38.4621 | 38.4403 | -0.0218 | 0.2473 | 1.2076 | 1.1693 | -0.06% | -0.1% | 0.64% | 0.03% | 3.14% | 3.04% |
52 Week Performance
| Currency | High | Low | Trading Band | % Since High | % Since Low | High Date | Low Date | Days Since High | Days Since Low |
|---|---|---|---|---|---|---|---|---|---|
| USD | 275.438 | 307.1 | 31.6619 | -1.06% | 10.31% | 04-Jul-23 | 05-Sep-23 | 288 | 225 |
| EUR | 291.618 | 332.701 | 41.083 | -1.43% | 12.45% | 16-Oct-23 | 31-Aug-23 | 184 | 230 |
| GBP | 337.032 | 387.972 | 50.9401 | -2.81% | 11.88% | 16-Oct-23 | 31-Aug-23 | 184 | 230 |
| CHF | 306.458 | 347.163 | 40.7049 | 0.26% | 13.58% | 13-Oct-23 | 31-Aug-23 | 187 | 230 |
| JPY | 1.851 | 2.2178 | 0.3668 | 2.8% | 23.17% | 16-Oct-23 | 11-May-23 | 184 | 342 |
| SAR | 73.4412 | 81.8703 | 8.4291 | -1.05% | 10.31% | 04-Jul-23 | 05-Sep-23 | 288 | 225 |
| AED | 74.9888 | 83.6089 | 8.6201 | -1.08% | 10.29% | 04-Jul-23 | 05-Sep-23 | 288 | 225 |
| CNY | 37.8634 | 43.0908 | 5.2274 | -1.56% | 12.03% | 16-Oct-23 | 11-May-23 | 184 | 342 |
Copyright Mettis Link News
Posted on: 2024-04-17T16:34:28+05:00
