PKR gains around 7 paisa against USD
By MG News | June 04, 2024 at 04:46 PM GMT+05:00
June 04, 2024 (MLN): The Pakistani rupee (PKR) appreciated by 6.79 paisa against the US dollar in Tuesday's interbank session as the currency settled the trade at PKR 278.3 per USD, compared to the previous session's closing of PKR 278.36 per USD.
The currency saw an intraday high (bid) of 278.55 and a low (ask) of 278.35.
In the open market, exchange companies quoted the dollar at 277.18 for buying and 279.59 for selling.
Pakistan's currency, though not registering any gains, has successfully managed to maintain stability against the mighty Dollar for another month in light of stable economic operations.
The Rupee settled May at 278.33 per USD, reflecting a meager 1 paisa drop compared to the previous month's closing rate of 278.31 per USD.
The successful conclusion of the 9-month SBA with the International Monetary Fund (IMF) proved to be the primary catalyst for the persistent strengthening journey of the Pak Rupee as it provided a policy anchor to eliminate FX shortages by returning to proper FX market functioning.
Official data yesterday showed consumer price gains eased to 11.8% YoY in May compared to last year, far slower than what economists forecasted, strengthening bets for SBP to shift away from its “higher-for-longer” stance on interest rates.
A drop in interest rates is expected to result in a decline in the Real Effective Exchange Rate (REER) index.
In comparison to major currencies, PKR lost 1.16 rupees against the Euro, closing at 302.84 compared to the previous value of 301.68.
The British Pound became expensive by 1.75 rupees closing at 355.61 compared to 353.86 from a day ago.
The Swiss franc saw gains of 2.46 rupees, closing at 310.89 compared to 308.44 from the previous session.
Against the Japanese Yen, PKR lost 1.99 paisa, closing at 1.7916 versus 1.7717 a day ago.
The Chinese Yuan gained 0.25 paisa, closing at 38.42 against 38.41 from the previous session.
The Saudi Riyal closed at 74.2 with a loss of 1.42 paisa from its value of 74.21 a day ago.
The U.A.E Dirham decreased in value by 1.44 paisa from 75.77 a day ago to 75.78.
During the current financial year, PKR has appreciated against the Dollar by 7.69 rupees or 2.76%. While the current calendar year has seen PKR appreciate by 3.57 rupees or 1.28%.
In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates inched dropped by 7 bps to 20.59% and 20.84%.
The State Bank of Pakistan (SBP) conducted an Open Market Operation (OMO) in which it mopped up a total of Rs177 billion from the market.
Performance Summary
| Currency | Jun 04, 2024 | Jun 03, 2024 | Change | 1 Month | FYTD | CYTD | 1 Day | 7 Day | 1 Month | MTD | FYTD | CYTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 278.2957 | 278.3636 | 0.0679 | -0.086 | 7.6948 | 3.565 | 0.02% | 0% | -0.03% | 0.01% | 2.76% | 1.28% |
| EUR | 302.8414 | 301.6766 | -1.1648 | -3.9885 | 10.0894 | 8.6569 | -0.38% | -0.33% | -1.32% | -0.53% | 3.33% | 2.86% |
| GBP | 355.6063 | 353.8558 | -1.7505 | -6.2723 | 8.531 | 2.9909 | -0.49% | -0.34% | -1.76% | -0.56% | 2.4% | 0.84% |
| CHF | 310.8929 | 308.4362 | -2.4567 | -4.3595 | 8.8639 | 24.1769 | -0.79% | -2.2% | -1.4% | -1.07% | 2.85% | 7.78% |
| JPY | 1.7916 | 1.7717 | -0.0199 | 0.0234 | 0.2007 | 0.1979 | -1.11% | -1% | 1.31% | -1.14% | 11.2% | 11.05% |
| SAR | 74.2003 | 74.2145 | 0.0142 | -0.0229 | 2.0537 | 0.9625 | 0.02% | 0% | -0.03% | 0.01% | 2.77% | 1.3% |
| AED | 75.77 | 75.7844 | 0.0144 | -0.0234 | 2.0918 | 0.9727 | 0.02% | 0% | -0.03% | 0.01% | 2.76% | 1.28% |
| CNY | 38.4174 | 38.4149 | -0.0025 | 0.0035 | 1.2523 | 1.214 | -0.01% | -0.01% | 0.01% | 0.04% | 3.26% | 3.16% |
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 | -1.03% | 10.35% | 04-Jul-23 | 05-Sep-23 | 336 | 273 |
| EUR | 291.618 | 332.701 | 41.083 | -3.71% | 9.86% | 16-Oct-23 | 31-Aug-23 | 232 | 278 |
| GBP | 337.032 | 387.972 | 50.9401 | -5.22% | 9.1% | 16-Oct-23 | 31-Aug-23 | 232 | 278 |
| CHF | 306.458 | 347.163 | 40.7049 | -1.43% | 11.67% | 13-Oct-23 | 31-Aug-23 | 235 | 278 |
| JPY | 1.851 | 2.1004 | 0.2494 | 3.32% | 17.24% | 16-Oct-23 | 01-Sep-23 | 232 | 277 |
| SAR | 73.4412 | 81.8703 | 8.4291 | -1.02% | 10.34% | 04-Jul-23 | 05-Sep-23 | 336 | 273 |
| AED | 74.9888 | 83.6089 | 8.6201 | -1.03% | 10.35% | 04-Jul-23 | 05-Sep-23 | 336 | 273 |
| CNY | 37.8634 | 42.0637 | 4.2003 | -1.44% | 9.49% | 16-Oct-23 | 01-Sep-23 | 232 | 277 |
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