March 18, 2024 (MLN): The Pakistani rupee (PKR) gained over 11.05 paisa against the US dollar in Monday's interbank session as the currency settled the trade at PKR 278.63 per USD, compared to the previous session's closing of PKR 278.74 per USD.
The currency saw an intraday high (bid) of 278.75 and a low (ask) of 278.5.
In the open market, exchange companies quoted the dollar at 278.6 for buying and 281.2 for selling.
Last week, the home unit extended its winning journey against the mighty Dollar by appreciating over 29 paisa.
This sudden strengthening of domestic currency can be attributed to exporters selling Dollars in forward, leading to a drop in premiums.
It is crucial to note that Pakistan and the International Monetary Fund (IMF) have commenced the second review of the Stand-By Arrangement signed on June 30, 2023.
This would be the final review of SBA, and staff-level agreement is expected after this appraisal.
Once Staff level agreement is reached, the final tranche of $1.1 billion will be disbursed, following the approval of the Executive Board of IMF.
In comparison to major currencies, PKR lost 18.63 paisa against the Euro, closing at 303.51 compared to the previous value of 303.33.
The British Pound became cheaper by 16.87 paisa closing at 355.01 compared to 355.17 a day ago.
The Swiss franc saw gains of 19.57 paisa, closing at 315.19 compared to 315 from the previous session.
Against the Japanese Yen, PKR gained 0.95 paisa, closing at 1.8684 versus 1.8779 a day ago.
The Chinese Yuan lost 2.64 paisa, closing at 38.71 against 38.74 from the previous session.
The Saudi Riyal closed at 74.3 with a loss of 3.04 paisa from its value of 74.33 a day ago.
The U.A.E Dirham decreased in value by 2.18 paisa from 75.88 a day ago to 75.9.
During the current financial year, PKR has appreciated against the Dollar by 7.36 rupees or 2.64%. While the current calendar year has seen PKR appreciate by 3.23 rupees or 1.16%.
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates inched down by 7 bps to 20.99% and 21.24%.
Performance Summary
| Currency | Mar 18, 2024 | Mar 15, 2024 | Change | 1 Month | FYTD | CYTD | 1 Day | 7 Day | 1 Month | MTD | FYTD | CYTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 278.6323 | 278.7428 | 0.1105 | 0.7234 | 7.3582 | 3.2284 | 0.04% | 0.16% | 0.26% | 0.17% | 2.64% | 1.16% |
| EUR | 303.5142 | 303.3279 | -0.1863 | -2.243 | 9.4166 | 7.9841 | -0.06% | 0.64% | -0.74% | -0.36% | 3.1% | 2.63% |
| GBP | 355.0054 | 355.1741 | 0.1687 | -2.3048 | 9.1319 | 3.5918 | 0.05% | 0.99% | -0.65% | -0.5% | 2.57% | 1.01% |
| CHF | 315.1949 | 314.9992 | -0.1957 | 1.8945 | 4.5619 | 19.8749 | -0.06% | 1.08% | 0.6% | 0.78% | 1.45% | 6.31% |
| JPY | 1.8684 | 1.8779 | 0.0095 | -0.0056 | 0.1239 | 0.1211 | 0.51% | 1.79% | -0.3% | -0.17% | 6.63% | 6.48% |
| SAR | 74.297 | 74.3274 | 0.0304 | 0.1899 | 1.957 | 0.8658 | 0.04% | 0.15% | 0.26% | 0.17% | 2.63% | 1.17% |
| AED | 75.8761 | 75.8979 | 0.0218 | 0.1825 | 1.9857 | 0.8666 | 0.03% | 0.14% | 0.24% | 0.15% | 2.62% | 1.14% |
| CNY | 38.7094 | 38.7358 | 0.0264 | 0.1027 | 0.9603 | 0.922 | 0.07% | 0.39% | 0.27% | 0.23% | 2.48% | 2.38% |
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 | -1.15% | 10.22% | 04-Jul-23 | 05-Sep-23 | 258 | 195 |
| EUR | 291.618 | 332.701 | 41.083 | -3.92% | 9.62% | 16-Oct-23 | 31-Aug-23 | 154 | 200 |
| GBP | 337.032 | 387.972 | 50.9401 | -5.06% | 9.29% | 16-Oct-23 | 31-Aug-23 | 154 | 200 |
| CHF | 306.035 | 347.163 | 41.1277 | -2.91% | 10.14% | 20-Mar-23 | 31-Aug-23 | 364 | 200 |
| JPY | 1.851 | 2.2178 | 0.3668 | -0.93% | 18.7% | 16-Oct-23 | 11-May-23 | 154 | 312 |
| SAR | 73.4412 | 81.8703 | 8.4291 | -1.15% | 10.19% | 04-Jul-23 | 05-Sep-23 | 258 | 195 |
| AED | 74.9888 | 83.6089 | 8.6201 | -1.17% | 10.19% | 04-Jul-23 | 05-Sep-23 | 258 | 195 |
| CNY | 37.8634 | 43.0908 | 5.2274 | -2.19% | 11.32% | 16-Oct-23 | 11-May-23 | 154 | 312 |
Copyright Mettis Link News
Posted on: 2024-03-18T14:38:08+05:00
