PKR edges higher against USD at 278.4

March 21, 2024 (MLN): The Pakistani rupee (PKR) edged higher against the US dollar in Thursday's interbank session to settle at PKR 278.4 per USD, compared to the previous session's closing of PKR 278.41 per USD.

The currency saw an intraday high (bid) of 278.65 and a low (ask) of 278.45.

In the open market, exchange companies quoted the dollar at 278.48 for buying and 281.12 for selling.

In comparison to major currencies, PKR lost 1.84 rupees against the Euro, closing at 304.19 compared to the previous value of 302.35.

The British Pound became expensive by 2.08 rupees closing at 355.89 compared to 353.8 from a day ago.

The Swiss franc saw gains of 1.36 rupees, closing at 314.22 compared to 312.85 from the previous session.

Against the Japanese Yen, PKR lost 0.31 paisa, closing at 1.8407 versus 1.8376 a day ago.

The Chinese Yuan lost 0.19 paisa, closing at 38.67 against 38.67 from the previous session.

The Saudi Riyal closed at 74.23 with a loss of 0.37 paisa from its value of 74.24 a day ago.

The U.A.E Dirham decreased in value by 0.27 paisa from 75.81 a day ago to 75.81.

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 1.24%.

In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates inched up by 5 bps to 21.23% and 21.48%.

Secondary market yields have ticked higher today following yesterday's T-bills auction which witnessed a rise of up to 60bps in yields.

The State Bank of Pakistan (SBP) in its  Monetary Policy Committee (MPC) meeting held on March 18 decided to keep the policy rate unchanged at 22% for the sixth consecutive meeting.

The decision came in line with the market expectations wherein the majority of market participants were in consensus on the rate pause.

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