PKR depreciates by over 7 paisa against USD

MG News | May 13, 2024 at 03:46 PM GMT+05:00

0:00

May 13, 2024 (MLN): The Pakistani rupee (PKR) depreciated by over 7 paisa against the US dollar in Monday's interbank session as the currency settled the trade at PKR 278.2 per USD, compared to the previous session's closing of PKR 278.12 per USD.

The currency saw an intraday high (bid) of 278.45 and a low (ask) of 278.25.

In the open market, exchange companies quoted the dollar at 277.01 for buying and 279.55 for selling.

Pakistan marches towards stability as formal discussions with the International Monetary Fund (IMF) for a longer and larger program have initiated.

It is crucial to note that Pakistan achieved satisfactory results under the Standby Arrangement with the International Monetary Fund (IMF), meeting all seven QPCs for end-December 2023.

However, IMF has raised concerns that a potential resurgence in Pakistan's social tensions, reflecting the complex political scene and high cost of living could weigh on policy and reform implementation.

In comparison to major currencies, PKR gained 15.66 paisa against the Euro, closing at 299.78 compared to the previous value of 299.94.

The British Pound became cheaper by 15.76 paisa closing at 348.44 compared to 348.6 from a day ago.

The Swiss franc saw losses of 17.22 paisa, closing at 306.8 compared to 306.98 from the previous session.

Against the Japanese Yen, PKR gained 0.23 paisa, closing at 1.7846 versus 1.7869 a day ago.

The Chinese Yuan lost 4.19 paisa, closing at 38.45 against 38.5 from the previous session.

The Saudi Riyal closed at 74.18 with a gain of 2.08 paisa from its value of 74.16 a day ago.

The U.A.E Dirham increased in value by 1.91 paisa from 75.74 a day ago to 75.72.

During the current financial year, PKR has appreciated against the Dollar by 7.8 rupees or 2.8%. While the current calendar year has seen PKR appreciate by 3.67 rupees or 1.32%.

In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates inched down by 1 bps to 21.32% and 21.57%.

Performance Summary

Currency	May 13, 2024	May 10, 2024	Change	1 Month	FYTD	CYTD	1 Day	7 Day	1 Month	MTD	FYTD	CYTD
USD	278.1951	278.1211	-0.074	-0.2557	7.7954	3.6656	-0.03%	0.02%	-0.09%	0.04%	2.8%	1.32%
EUR	299.7831	299.9397	0.1566	1.8368	13.1477	11.7152	0.05%	-0.11%	0.61%	-0.61%	4.39%	3.91%
GBP	348.4394	348.597	0.1576	3.2513	15.6979	10.1578	0.05%	0.36%	0.93%	0.16%	4.51%	2.92%
CHF	306.8047	306.9769	0.1722	0.2598	12.9521	28.2651	0.06%	0.17%	0.08%	-0.63%	4.22%	9.21%
JPY	1.7846	1.7869	0.0023	0.0451	0.2077	0.2049	0.13%	1.37%	2.53%	-0.54%	11.64%	11.48%
SAR	74.1775	74.1567	-0.0208	-0.0781	2.0765	0.9853	-0.03%	0.01%	-0.11%	0.04%	2.8%	1.33%
AED	75.7416	75.7225	-0.0191	-0.0542	2.1202	1.0011	-0.03%	0.02%	-0.07%	0.04%	2.8%	1.32%
CNY	38.4534	38.4953	0.0419	-0.0308	1.2163	1.178	0.11%	0.27%	-0.08%	-0.05%	3.16%	3.06%

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	-0.99%	10.39%	04-Jul-23	05-Sep-23	314	251
EUR	291.618	332.701	41.083	-2.72%	10.98%	16-Oct-23	31-Aug-23	210	256
GBP	337.032	387.972	50.9401	-3.27%	11.35%	16-Oct-23	31-Aug-23	210	256
CHF	306.458	347.163	40.7049	-0.11%	13.15%	13-Oct-23	31-Aug-23	213	256
JPY	1.851	2.1004	0.2494	3.72%	17.7%	16-Oct-23	01-Sep-23	210	255
SAR	73.4412	81.8703	8.4291	-0.99%	10.37%	04-Jul-23	05-Sep-23	314	251
AED	74.9888	83.6089	8.6201	-0.99%	10.39%	04-Jul-23	05-Sep-23	314	251
CNY	37.8634	42.0637	4.2003	-1.53%	9.39%	16-Oct-23	01-Sep-23	210	255

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