PKR inches lower at 277.93 against USD

MG News | April 04, 2024 at 02:57 PM GMT+05:00

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April 04, 2024 (MLN): The Pakistani rupee (PKR) depreciated by 1.21 paisa against the US dollar in Thursday's interbank session as the currency settled the trade at PKR 277.93 per USD, compared to the previous session's closing of PKR 277.92 per USD.

The currency saw an intraday high (bid) of 278.1 and a low (ask) of 278.

In the open market, exchange companies quoted the dollar at 277 for buying and 278 for selling.

Prime Minister Shehbaz Sharif has made a crucial announcement that the country is to receive the final loan tranche worth around $1.1 billion from the International Monetary Fund (IMF) this month.

He further stated that the Finance Minister, Muhammad Aurangzeb will also hold meetings with the IMF officials to discuss the terms of a new program, which is expected to carry tough conditions.

In comparison to major currencies, PKR lost 2.4 rupees against the Euro, closing at 301.75 compared to the previous value of 299.34.

The British Pound became expensive by 2.73 rupees closing at 351.97 compared to 349.24 from a day ago.

The Swiss franc saw gains of 55.34 paisa, closing at 306.53 compared to 305.97 from the previous session.

Against the Japanese Yen, PKR lost 0.02 paisa, closing at 1.8323 versus 1.8321 a day ago.

The Chinese Yuan gained 1.23 paisa, closing at 38.42 against 38.41 from the previous session.

The Saudi Riyal closed at 74.1 with a gain of 0.23 paisa from its value of 74.1 a day ago.

The U.A.E Dirham increased in value by 0.95 paisa from 75.68 a day ago to 75.67.

During the current financial year, PKR has appreciated against the Dollar by 8.06 rupees or 2.9%. While the current calendar year has seen PKR appreciate by 3.93 rupees or 1.41%.

In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates inched up by 1 bps to 21.42% and 21.67%.

The State Bank of Pakistan (SBP) conducted an auction yesterday in which it sold Market Treasury Bills (MTBs) worth Rs557.63 billion for 3,6 and 12 months against a target of Rs225bn.

Cut-off yields for 3, 6, and 12 months were 21.6601%, 21.3999%, and 20.8998%, depicting a rise of 101bps in 6 month, while 3-month and 12-month yields remained unchanged.

Performance Summary

Currency	Apr 04, 2024	Apr 03, 2024	Change	1 Month	FYTD	CYTD	1 Day	7 Day	1 Month	MTD	FYTD	CYTD
USD	277.9282	277.9161	-0.0121	1.3854	8.0623	3.9325	0%	0.04%	0.5%	0.01%	2.9%	1.41%
EUR	301.7467	299.3434	-2.4033	1.3365	11.1841	9.7516	-0.8%	-0.58%	0.44%	-0.73%	3.71%	3.23%
GBP	351.9683	349.2432	-2.7251	2.1594	12.169	6.6289	-0.77%	-0.39%	0.61%	-0.31%	3.46%	1.88%
CHF	306.5273	305.9739	-0.5534	8.9209	13.2295	28.5425	-0.18%	0.1%	2.91%	0.57%	4.32%	9.31%
JPY	1.8323	1.8321	-0.0002	0.0249	0.16	0.1572	-0.01%	0.22%	1.36%	0.21%	8.73%	8.58%
SAR	74.0974	74.0951	-0.0023	0.3783	2.1566	1.0654	0%	0.04%	0.51%	0.02%	2.91%	1.44%
AED	75.6823	75.6728	-0.0095	0.3669	2.1795	1.0604	-0.01%	0.04%	0.48%	0.01%	2.88%	1.4%
CNY	38.421	38.4087	-0.0123	0.3771	1.2487	1.2104	-0.03%	0.13%	0.98%	0.14%	3.25%	3.15%

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	-0.9%	10.5%	04-Jul-23	05-Sep-23	275	212
EUR	291.618	332.701	41.083	-3.36%	10.26%	16-Oct-23	31-Aug-23	171	217
GBP	337.032	387.972	50.9401	-4.24%	10.23%	16-Oct-23	31-Aug-23	171	217
CHF	306.458	347.163	40.7049	-0.02%	13.26%	13-Oct-23	31-Aug-23	174	217
JPY	1.851	2.2178	0.3668	1.02%	21.04%	16-Oct-23	11-May-23	171	329
SAR	73.4412	81.8703	8.429	-0.89%	10.49%	04-Jul-23	05-Sep-23	275	212
AED	74.9888	83.6089	8.620	-0.92%	10.47%	04-Jul-23	05-Sep-23	275	212
CNY	37.8634	43.0908	5.2274	-1.45%	12.15%	16-Oct-23	11-May-23	171	329

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