PKR inches higher against USD

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%.

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