Pakistani Rupee slips 6 paisa against USD

February 15, 2024 (MLN): The Pakistani rupee (PKR) depreciated by 6.31 paisa against the US dollar in Thursday's interbank session as the currency settled the trade at PKR 279.38 per USD, compared to the previous session's closing of PKR 279.32 per USD.

The currency saw an intraday high (bid) of 279.65 and a low (ask) of 279.45.

In the open market, exchange companies quoted the dollar at 279.14 for buying and 281.59 for selling.

The financial markets are embracing the incoming of a new government following last week's elections in the country.

However, the continuous uncertainty arising on the political front has exerted adverse impacts on these markets.

The election outcome points to increased political instability, casting a darker shadow over growth and prospects for securing International Monetary Fund (IMF) aid the country needs to avoid default, said Bloomberg. 

In comparison to major currencies, PKR lost 94.76 paisa against the Euro, closing at 299.86 compared to the previous value of 298.91.

The British Pound became expensive by 5.12 paisa closing at 350.51 compared to 350.46 from a day ago.

The Swiss franc saw gains of 1.35 rupees, closing at 315.93 compared to 314.58 from the previous session.

Against the Japanese Yen, PKR lost 0.56 paisa, closing at 1.861 versus 1.8554 a day ago.

The Chinese Yuan gained 0.88 paisa, closing at 38.84 against 38.83 from the previous session.

The Saudi Riyal closed at 74.49 with a gain of 1.69 paisa from its value of 74.48 a day ago.

The U.A.E Dirham increased in value by 1.61 paisa from 76.07 a day ago to 76.05.

During the current financial year, PKR has appreciated against the Dollar by 6.61 rupees or 2.37%. While the current calendar year has seen PKR appreciate by 2.48 rupees or 0.89%.

In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates inched up by 1 bps to 21.19% and 21.44%.

It is important to highlight that in the PIB auction conducted by the central bank yesterday, yields recorded an increase of up to 5bps.

The sudden and slight uptick in yield comes as a result of the central bank's decision to maintain the interest rate at 22% for the fifth consecutive meeting held on January 29, 2024.

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