PKR depreciates by 9 paisa against greenback

MG News | June 06, 2024 at 03:55 PM GMT+05:00

0:00

June 06, 2024 (MLN): The Pakistani rupee (PKR) depreciated by 9.03 paisa against the US dollar in Thursday's interbank session as the currency settled the trade at PKR 278.39 per USD, compared to the previous session's closing of PKR 278.3 per USD.

The currency saw an intraday high (bid) of 278.5 and a low (ask) of 278.3.

In the open market, exchange companies quoted the dollar at 277.23 for buying and 279.67 for selling.

The country currently awaits two crucial agendas: firstly, the upcoming Monetary Policy Committee meeting on June 10, where the majority of participants expect the central bank to implement a rate cut for the first time in four years.

Read: MPS Preview: SBP seen lowering rates for first time in four years

Secondly, the budget for FY 2024-2025, which will outline the government's policies to achieve its revenue targets.

Meanwhile, Prime Minister Shehbaz Sharif is on a five-day visit to China, signing MoUs and attracting Chinese investors to boost Pakistan's FDI.

In comparison to major currencies, PKR lost 8.43 paisa against the Euro, closing at 302.72 compared to the previous value of 302.64.

The British Pound became expensive by 29.63 paisa closing at 355.87 compared to 355.57 from a day ago.

The Swiss franc saw gains of 11.86 paisa, closing at 311.9 compared to 311.79 from the previous session.

Against the Japanese Yen, PKR gained 0.23 paisa, closing at 1.7805 versus 1.7828 a day ago.

The Chinese Yuan gained 0.5 paisa, closing at 38.41 against 38.41 from the previous session.

The Saudi Riyal closed at 74.23 with a gain of 2.41 paisa from its value of 74.2 a day ago.

The U.A.E Dirham increased in value by 2.66 paisa from 75.79 a day ago to 75.77.

During the current financial year, PKR has appreciated against the Dollar by 7.6 rupees or 2.73%. While the current calendar year has seen PKR appreciate by 3.47 rupees or 1.25%.

In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates inched down by 1 bps to 20.48% and 20.73%.

Performance Summary

Currency	Jun 06, 2024	Jun 05, 2024	Change	1 Month	FYTD	CYTD	1 Day	7 Day	1 Month	MTD	FYTD	CYTD
USD	278.3903	278.3	-0.0903	-0.2715	7.6002	3.4704	-0.03%	0.04%	-0.1%	-0.02%	2.73%	1.25%
EUR	302.7216	302.6373	-0.0843	-3.6048	10.2092	8.7767	-0.03%	-0.57%	-1.19%	-0.49%	3.37%	2.9%
GBP	355.8663	355.57	-0.2963	-7.286	8.271	2.7309	-0.08%	-0.54%	-2.05%	-0.63%	2.32%	0.77%
CHF	311.9045	311.7859	-0.1186	-5.4543	7.8523	23.1653	-0.04%	-1.89%	-1.75%	-1.39%	2.52%	7.43%
JPY	1.7805	1.7828	0.0023	0.0239	0.2118	0.209	0.13%	-0.36%	1.34%	-0.53%	11.9%	11.74%
SAR	74.2275	74.2034	-0.0241	-0.0724	2.0265	0.9353	-0.03%	0.04%	-0.1%	-0.03%	2.73%	1.26%
AED	75.7937	75.7671	-0.0266	-0.0739	2.0681	0.949	-0.04%	0.04%	-0.1%	-0.02%	2.73%	1.25%
CNY	38.4132	38.4082	-0.005	0.1354	1.2565	1.2182	-0.01%	0.05%	0.35%	0.05%	3.27%	3.17%

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	-1.06%	10.31%	04-Jul-23	05-Sep-23	338	275
EUR	291.618	332.701	41.083	-3.67%	9.9%	16-Oct-23	31-Aug-23	234	280
GBP	337.032	387.972	50.9401	-5.29%	9.02%	16-Oct-23	31-Aug-23	234	280
CHF	306.458	347.163	40.7049	-1.75%	11.3%	13-Oct-23	31-Aug-23	237	280
JPY	1.851	2.1004	0.2494	3.96%	17.97%	16-Oct-23	01-Sep-23	234	279
SAR	73.4412	81.8703	8.4291	-1.06%	10.3%	04-Jul-23	05-Sep-23	338	275
AED	74.9888	83.6089	8.6201	-1.06%	10.31%	04-Jul-23	05-Sep-23	338	275
CNY	37.8634	42.0637	4.2003	-1.43%	9.5%	16-Oct-23	01-Sep-23	234	279

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