Pakistani Rupee slips 4 paisa against USD

March 06, 2024 (MLN): The Pakistani rupee (PKR) continued its downturn for the fourth consecutive session, depreciating by 4 paisa against the US dollar in Wednesday's interbank session to settle at PKR 279.35 per USD, compared to the previous session's closing of PKR 279.31 per USD.

The currency saw an intraday high (bid) of 279.7 and a low (ask) of 279.

In the open market, exchange companies quoted the dollar at 279.47 for buying and 282.00 for selling.

The uncertainty surrounding the general elections held in the country on February 08, has somewhat disrupted the stable phase the home unit maintained against the USD for a significant period.

It is crucial to note that Shehbaz Sharif was elected on Sunday as the prime minister of the country for a second term.

According to the newly elected prime minister, Pakistan needs deep surgery to bring revolutionary changes in the system and reform various sectors.

The International Monetary Fund (IMF) has also expressed its eagerness to collaborate with the new government on policies to ensure macroeconomic stability. 

In comparison to major currencies, PKR lost 32.27 paisa against the Euro, closing at 303.41 compared to the previous value of 303.08.

The British Pound became expensive by 93.07 paisa closing at 355.06 compared to 354.13 from a day ago.

The Swiss franc saw gains of 45.54 paisa, closing at 315.9 compared to 315.45 from the previous session.

Against the Japanese Yen, PKR lost 1.08 paisa, closing at 1.868 versus 1.8572 a day ago.

The Chinese Yuan gained 0.45 paisa, closing at 38.8 against 38.8 from the previous session.

The Saudi Riyal closed at 74.48 with a gain of 0.86 paisa from its value of 74.48 a day ago.

The U.A.E Dirham increased in value by 0.88 paisa from 76.06 a day ago to 76.05.

During the current financial year, PKR has appreciated against the Dollar by 6.64 rupees or 2.38%. While the current calendar year has seen PKR appreciate by 2.51 rupees or 0.9%.

In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates inched down by 3 bps to 21.28% and 21.53%.

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