PKR decreases by 9 paisa against USD

November 04, 2024 (MLN): The Pakistani rupee (PKR) weakened by 8.76 paisa or 0.03% against the US dollar in Monday's interbank session to settle the trade at PKR 277.79 per USD, compared to previous closing of 277.70.

Throughout the day, the currency saw an intraday high (bid) of 277.90 and a low (ask) of 277.80.

In the open market, exchange companies quoted the dollar at 276.80 for buying and 278.63 for selling.

The State Bank of Pakistan is expected to cut its key interest rate further at its policy meeting scheduled for later in the day, with policymakers continuing their efforts to revive a fragile economy as inflation eases off recent record highs.

SBP has slashed the benchmark policy rate to 17.5% from an all time-high of 22% in three consecutive policy meetings since June, having last reduced it by 200 basis points in September.

In comparison to major currencies, PKR fell 84.52 paisa or 0.28% against the Euro, closing at 302.64 compared to the previous value of 301.79.

Against the British Pound, PKR deteriorated by 2.25 rupees or 0.63% to 360.30 compared to 358.05 a day ago.

The local unit weakened 1.54 rupees or 0.48% against Swiss franc to close at 321.20.

Against the Japanese Yen, PKR's value deteriorated 0.74 paisa or 0.41% to close the session at 1.8269 versus 1.8195 a day ago.

Pakistani Rupee decreased 16.04 paisa or 0.41% against Chinese Yuan to close at 39.14 from 38.98.

The local currency deteriorated by 2.14 paisa or 0.03% against Saudi Riyal to 73.96. While it weakened by 2.38 paisa or 0.03% against the U.A.E Dirham to close at 75.63.

During the current fiscal year, PKR has appreciated against the US Dollar by 55.36 paisa or 0.20%. While it has appreciated 4.07 rupees or 1.47% so far this calendar year.

In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates fell by 10 bps to 13.08% and 13.33%.

Performance Summary

52 Week Performance

Copyright Mettis Link News