March 20, 2024 (MLN): The Pakistani rupee (PKR) appreciated by 23.06 paisa against the US dollar in Wednesday's interbank session as the currency settled the trade at PKR 278.41 per USD, compared to the previous session's closing of PKR 278.64 per USD.
The currency saw an intraday high (bid) of 278.75 and a low (ask) of 278.4.
In the open market, exchange companies quoted the dollar at 278.54 for buying and 281.15 for selling.
In a notable development, the International Monetary Fund (IMF) staff and the Pakistani authorities have reached a staff-level agreement on the second and final review under Pakistan’s Stand-By Arrangement, subject to the approval of the IMF’s Executive Board.
Upon approval, Pakistan will have access to SDR 828 million which is around $1.1 billion.
The government of Pakistan has expressed interest in a successor medium-term Fund-supported program to permanently resolve Pakistan’s fiscal and external sustainability weaknesses, strengthening its economic recovery, and laying the foundations for strong, sustainable, and inclusive growth.
The upcoming discussions are anticipated to focus on several key objectives, including strengthening public finances through fiscal consolidation and tax base expansion, particularly in undertaxed sectors, to enhance debt sustainability and allow for increased development and social assistance spending.
According to the IMF board, the State Bank of Pakistan remains committed to maintaining a prudent monetary policy to lower inflation and ensure exchange rate flexibility and transparency in the operations of the FX market.
In comparison to major currencies, PKR lost 0.03 paisa against the Euro, closing at 302.35 compared to the previous value of 302.35.
The British Pound became expensive by 1.34 paisa closing at 353.8 compared to 353.79 from a day ago.
The Swiss franc saw losses of 32.96 paisa, closing at 312.85 compared to 313.18 from the previous session.
Against the Japanese Yen, PKR gained 1.56 paisa, closing at 1.8376 versus 1.8532 a day ago.
The Chinese Yuan lost 3.2 paisa, closing at 38.67 against 38.7 from the previous session.
The Saudi Riyal closed at 74.24 with a loss of 6.15 paisa from its value of 74.3 a day ago.
The U.A.E Dirham decreased in value by 6.38 paisa from 75.81 a day ago to 75.87.
During the current financial year, PKR has appreciated against the Dollar by 7.58 rupees or 2.72%. While the current calendar year has seen PKR appreciate by 3.45 rupees or 1.24%.
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates inched down by 2 bps to 21.18% and 21.43%.
Performance Summary
| Currency | Mar 20, 2024 | Mar 19, 2024 | Change | 1 Month | FYTD | CYTD | 1 Day | 7 Day | 1 Month | MTD | FYTD | CYTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 278.409 | 278.6396 | 0.2306 | 1.09 | 7.5815 | 3.4517 | 0.08% | 0.14% | 0.39% | 0.25% | 2.72% | 1.24% |
| EUR | 302.3522 | 302.3519 | -0.0003 | -0.2837 | 10.5786 | 9.1461 | 0% | 0.79% | -0.09% | 0.02% | 3.5% | 3.02% |
| GBP | 353.8022 | 353.7888 | -0.0134 | -1.1164 | 10.3351 | 4.795 | 0% | 0.81% | -0.32% | -0.16% | 2.92% | 1.36% |
| CHF | 312.8543 | 313.1839 | 0.3296 | 4.2537 | 6.9025 | 22.2155 | 0.11% | 1.5% | 1.36% | 1.54% | 2.21% | 7.1% |
| JPY | 1.8376 | 1.8532 | 0.0156 | 0.0236 | 0.1547 | 0.1519 | 0.85% | 2.68% | 1.28% | 1.5% | 8.42% | 8.27% |
| SAR | 74.2365 | 74.298 | 0.0615 | 0.2866 | 2.0175 | 0.9263 | 0.08% | 0.13% | 0.39% | 0.25% | 2.72% | 1.25% |
| AED | 75.8102 | 75.874 | 0.0638 | 0.2864 | 2.0516 | 0.9325 | 0.08% | 0.12% | 0.38% | 0.24% | 2.71% | 1.23% |
| CNY | 38.6714 | 38.7034 | 0.032 | 0.2076 | 0.9983 | 0.96 | 0.08% | 0.22% | 0.54% | 0.33% | 2.58% | 2.48% |
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 | -1.07% | 10.31% | 04-Jul-23 | 05-Sep-23 | 260 | 197 |
| EUR | 291.618 | 332.701 | 41.083 | -3.55% | 10.04% | 16-Oct-23 | 31-Aug-23 | 156 | 202 |
| GBP | 337.032 | 387.972 | 50.9401 | -4.74% | 9.66% | 16-Oct-23 | 31-Aug-23 | 156 | 202 |
| CHF | 306.458 | 347.163 | 40.7049 | -2.04% | 10.97% | 13-Oct-23 | 31-Aug-23 | 159 | 202 |
| JPY | 1.851 | 2.2178 | 0.3668 | 0.73% | 20.69% | 16-Oct-23 | 11-May-23 | 156 | 314 |
| SAR | 73.4412 | 81.8703 | 8.429 | -1.07% | 10.28% | 04-Jul-23 | 05-Sep-23 | 260 | 197 |
| AED | 74.9888 | 83.6089 | 8.620 | -1.08% | 10.29% | 04-Jul-23 | 05-Sep-23 | 260 | 197 |
| CNY | 37.8634 | 43.0908 | 5.2274 | -2.09% | 11.43% | 16-Oct-23 | 11-May-23 | 156 | 314 |
Copyright Mettis Link News
Posted on: 2024-03-20T15:05:55+05:00
