PKR closes stable at 277.94 against USD

April 09, 2024 (MLN): The Pakistani rupee (PKR) appreciated by around 1 paisa against the US dollar in Tuesday's interbank session as the currency settled the trade at PKR 277.94 per USD, compared to the previous session's closing of PKR 277.95 per USD.

The currency saw an intraday high (bid) of 278.03 and a low (ask) of 277.93.

In the open market, exchange companies quoted the dollar at 276.82 for buying and 279.37 for selling.

Last week, the home unit inched up slightly by 2 paisa against the US dollar to settle at PKR 277.93 per USD, compared to the previous week's closing of PKR 277.95.

Prime Minister Shehbaz Sharif also made a crucial announcement that the country is to receive the final loan tranche worth around $1.1 billion from the International Monetary Fund (IMF) this month.

He further stated that the Finance Minister, Muhammad Aurangzeb will also hold meetings with the IMF officials to discuss the terms of a new program, which is expected to carry tough conditions.

In comparison to major currencies, PKR lost 54.64 paisa against the Euro, closing at 301.62 compared to the previous value of 301.07.

The British Pound became expensive by 71.16 paisa closing at 351.69 compared to 350.98 from a day ago.

The Swiss franc saw losses of 24.74 paisa, closing at 307.06 compared to 307.31 from the previous session.

Against the Japanese Yen, PKR gained 0.05 paisa, closing at 1.8297 versus 1.8302 a day ago.

The Chinese Yuan lost 0.31 paisa, closing at 38.42 against 38.43 from the previous session.

The Saudi Riyal and U.A.E Dirham closed stable at 74.1 and 75.69, respectively.

During the current financial year, PKR has appreciated against the Dollar by 8.05 rupees or 2.9%. While the current calendar year has seen PKR appreciate by 3.92 rupees or 1.41%.

In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates inched up by 8 bps to 21.48% and 21.73%.

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