PKR appreciates by 17 paisa against USD

February 22, 2024 (MLN): The Pakistani rupee (PKR) appreciated by 17.09 paisa against the US dollar in Thursday's interbank session as the currency settled the trade at PKR 279.33 per USD, compared to the previous session's closing of PKR 279.5 per USD.

The currency saw an intraday high (bid) of 279.65 and a low (ask) of 279.55.

In the open market, exchange companies quoted the dollar at 279.5 for buying and 282.3 for selling.

The PKR faced a slight downturn against the USD on Tuesday due to the political unrest that had been spreading in the nation since the elections of February 08.

However, the home unit resisted pressure yesterday after the financial markets embraced clarity following major political parties' consensus to form a coalition government.

It is crucial to mention here that  Pak Rupee's Real Effective Exchange Rate Index (REER) increased by 2.91% MoM in January 2023 to a provisional value of 101.7 from the revised value of 98.83 in December 2023.

On a year-on-year basis, the REER index has increased by 8.24% compared to January 2023.

In comparison to major currencies, PKR lost 1.3 rupees against the Euro, closing at 303.36 compared to the previous value of 302.07.

The British Pound became expensive by 1.7 rupees closing at 354.38 compared to 352.69 from a day ago.

The Swiss franc saw gains of 1.91 rupees, closing at 319.01 compared to 317.11 from the previous session.

Against the Japanese Yen, PKR lost 0.03 paisa, closing at 1.8615 versus 1.8612 a day ago.

The Chinese Yuan lost 2.08 paisa, closing at 38.86 against 38.88 from the previous session.

The Saudi Riyal closed at 74.48 with a loss of 4.55 paisa from its value of 74.52 a day ago.

The U.A.E Dirham decreased in value by 4.96 paisa from 76.05 a day ago to 76.1.

During the current financial year, PKR has appreciated against the Dollar by 6.66 rupees or 2.39%. While the current calendar year has seen PKR appreciate by 2.53 rupees or 0.91%.

In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates remained unchanged at 21.42% and 21.67%.

The central bank sold Market Treasury Bills (MTBs) worth Rs361.32 billion against a target of Rs300bn in the auction conducted yesterday.

However, it is pertinent to note that the cutoff yields in the auction witnessed a rise of up to 126bps.

Yields have started to pick up since the central bank in its last meeting kept borrowing costs at a record high of 22% for a fifth consecutive meeting to curb inflation.

Performance Summary

52 Week Performance

Copyright Mettis Link News