PKR inches higher against USD

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By MG News | May 08, 2024 at 03:27 PM GMT+05:00

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May 08, 2024 (MLN): The Pakistani rupee (PKR) appreciated by around 2 paisa against the US dollar in Wednesday's interbank session as the currency settled the trade at PKR 278.1 per USD, compared to the previous session's closing of PKR 278.12 per USD.

The currency saw an intraday high (bid) of 278.2 and a low (ask) of 278.

In the open market, exchange companies quoted the dollar at 276.57 for buying and 279.14 for selling.

Positivity on the currency front stems from the upcoming visit of the International Monetary Fund (IMF) scheduled this month for a new and extended agreement, paving the path for economic resilience in the country.

Moreover, the country's reserves are set to welcome the final trance from the fund worth around $1.1 billion.

Currently, a business and official delegation from the Kingdom of Saudi Arabia (KSA) is on a business trip to Pakistan to hold business-to-business (B2B) meetings. This visit is anticipated to attract a significant amount of foreign investment into the nation.

In comparison to major currencies, PKR gained 49.3 paisa against the Euro, closing at 298.62 compared to the previous value of 299.12.

The British Pound became cheaper by 1.76 rupees closing at 346.82 compared to 348.58 from a day ago.

The Swiss franc saw losses of 57.69 paisa, closing at 305.87 compared to 306.45 from the previous session.

Against the Japanese Yen, PKR gained 1.42 paisa, closing at 1.7902 versus 1.8044 a day ago.

The Chinese Yuan lost 6.2 paisa, closing at 38.49 against 38.55 from the previous session.

The Saudi Riyal closed at 74.15 with a loss of 0.4 paisa from its value of 74.16 a day ago.

The U.A.E Dirham decreased in value by 0.72 paisa from 75.71 a day ago to 75.72.

During the current financial year, PKR has appreciated against the Dollar by 7.89 rupees or 2.84%. While the current calendar year has seen PKR appreciate by 3.76 rupees or 1.35%.

In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates inched down by 1 bps to 21.34% and 21.59%.

Performance Summary

Currency May 08, 2024 May 07, 2024 Change 1 Month FYTD CYTD 1 Day 7 Day 1 Month MTD FYTD CYTD
USD 278.1 278.1188 0.0188 -0.1606 7.8905 3.7607 0.01% 0.08% -0.06% 0.08% 2.84% 1.35%
EUR 298.6238 299.1168 0.493 2.9961 14.307 12.8745 0.17% -0.22% 1% -0.22% 4.79% 4.31%
GBP 346.8185 348.5803 1.7618 4.8722 17.3188 11.7787 0.51% 0.63% 1.4% 0.63% 4.99% 3.4%
CHF 305.8733 306.4502 0.5769 1.1912 13.8835 29.1965 0.19% -0.33% 0.39% -0.33% 4.54% 9.55%
JPY 1.7902 1.8044 0.0142 0.0395 0.2021 0.1993 0.79% -0.85% 2.21% -0.85% 11.29% 11.13%
SAR 74.1511 74.1551 0.004 -0.0517 2.1029 1.0117 0.01% 0.07% -0.07% 0.07% 2.84% 1.36%
AED 75.7126 75.7198 0.0072 -0.0252 2.1492 1.0301 0.01% 0.08% -0.03% 0.08% 2.84% 1.36%
CNY 38.4866 38.5486 0.062 -0.064 1.1831 1.1448 0.16% -0.14% -0.17% -0.14% 3.07% 2.97%

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 -0.96% 10.43% 04-Jul-23 05-Sep-23 309 246
EUR 291.618 332.701 41.083 -2.35% 11.41% 16-Oct-23 31-Aug-23 205 251
GBP 337.032 387.972 50.9401 -2.82% 11.87% 16-Oct-23 31-Aug-23 205 251
CHF 306.458 347.163 40.7049 0.19% 13.5% 13-Oct-23 31-Aug-23 208 251
JPY 1.851 2.2178 0.3668 3.4% 23.89% 16-Oct-23 11-May-23 205 363
SAR 73.4412 81.8703 8.4291 -0.96% 10.41% 04-Jul-23 05-Sep-23 309 246
AED 74.9888 83.6089 8.6201 -0.96% 10.43% 04-Jul-23 05-Sep-23 309 246
CNY 37.8634 43.0908 5.2274 -1.62% 11.96% 16-Oct-23 11-May-23 205 363

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