PKR gains over 8 paisa against USD

September 18, 2024 (MLN): The Pakistani rupee (PKR) appreciated by 8.47 paisa or 0.03% against the US dollar in Wednesday's interbank session to settle the trade at PKR 278.04 per USD, compared to previous closing of 278.13.

Throughout the day, the currency saw an intraday high (bid) of 278.20 and a low (ask) of 278.

In the open market, exchange companies quoted the dollar at 279.6 for buying and 280.75 for selling.

On the economic front, Pakistan recorded a current account surplus of $75 million after three consecutive monthly deficits.

Moreover, Foreign Direct Investment (FDI) clocked in at $214 million in August, up 50.7% compared to an FDI worth $142m in the Same Period Last Year (SPLY).

In relation to domestic currency, PKR’s REER index decreased to 100.16 in August.

In comparison to major currencies, PKR lost 18.38 paisa against the Euro, closing at 309.47 compared to the previous value of 309.29.

The British Pound became expensive by 38.88 paisa closing at 366.97 compared to 366.59 from a day ago.

The Swiss franc saw losses of 25.64 paisa, closing at 329.18 compared to 329.44 from the previous session.

Against the Japanese Yen, PKR gained 2.88 paisa, closing at 1.9592 versus 1.988 a day ago.

The Chinese Yuan gained 0.35 paisa, closing at 39.21 against 39.21 from the previous session.

The Saudi Riyal closed at 74.08 with a loss of 2.85 paisa from its value of 74.11 a day ago.

The U.A.E Dirham decreased in value by 2.31 paisa from 75.7 a day ago to 75.72.

During the current financial year, PKR has appreciated against the Dollar by 29.89 paisa or 0.11%. While the current calendar year has seen PKR appreciate by 3.82 rupees or 1.37%.

In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates inched down by 5 bps to 16.77% and 17.02%.

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