PKR gains 18 paisa against USD in a week

May 03, 2024 (MLN): The Pakistani rupee (PKR) appreciated by around 18 paisa against the US dollar this week as the currency settled the trade at PKR 278.21 per USD, compared to the last week's closing of PKR 278.39 per USD.

Meanwhile, in today's session alone, PKR gained over 9 paisa against USD

Throughout Friday's session, the currency saw an intraday high (bid) of 278.7 and a low (ask) of 278.5.

In the open market, exchange companies quoted the dollar at 276.82 for buying and 279.48 for selling.

The domestic currency has alleviated pressure and experienced a slight rebound this week on the positivity surrounding IMF’s immediate disbursement of around $1.1 billion to Pakistan under the $3bn standby arrangement.

This amount will be reflected in SBP reserves for the week ending on May 03, 2024.

To note, Pakistan’s 9-month SBA, approved by the Executive Board on July 12, 2023, successfully provided a policy anchor to address domestic and external imbalances and a framework for financial support from multilateral and bilateral partners.

In comparison to major currencies, PKR lost 73.79 paisa against the Euro, closing at 298.85 compared to the previous value of 298.12.

The British Pound became expensive by 81.89 paisa closing at 349.33 compared to 348.52 from a day ago.

The Swiss franc saw gains of 1.55 rupees, closing at 306.53 compared to 304.99 from the previous session.

Against the Japanese Yen, PKR lost 2.55 paisa, closing at 1.815 versus 1.7895 a day ago.

The Chinese Yuan lost 1.25 paisa, closing at 38.42 against 38.43 from the previous session.

The Saudi Riyal closed at 74.18 with a loss of 2.7 paisa from its value of 74.2 a day ago.

The U.A.E Dirham decreased in value by 2.56 paisa from 75.75 a day ago to 75.77.

During the current financial year, PKR has appreciated against the Dollar by 7.78 rupees or 2.8%. While the current calendar year has seen PKR appreciate by 3.65 rupees or 1.31%.

In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates inched up by 2 bps to 21.35% and 21.6%.

The State Bank of Pakistan (SBP) conducted a reverse repo and Shariah-compliant Modarabah-based Open Market Operation (OMO) today, in which it cumulatively injected a total of Rs10.61 trillion into the market.

Of which Rs10.38tr were injected through reverse repo OMO.

Meanwhile, the remaining Rs233 billion was injected through Shariah-compliant Modarabah-based OMO.

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