PKR loses over 8 paisa against USD

November 28, 2024 (MLN): The Pakistani rupee (PKR) deteriorated by 8.15 paisa or 0.03% against the US dollar in Thursday's interbank session to settle the trade at PKR 278.04 per USD, compared to previous closing of 277.96.

Throughout the day, the currency saw an intraday high (bid) of 278.10 and a low (ask) of 278.00.

In the open market, exchange companies quoted the dollar at 277.30 for buying and 279.00 for selling.

In comparison to major currencies, PKR depreciated 83.62 paisa or 0.29% against the Euro, closing at 292.82 compared to the previous value of 291.99.

Against the British Pound, PKR fell by 1.55 rupees or 0.44% to 351.74 compared to 350.19 a day ago.

The local unit increased 19.24 paisa or 0.06% against Swiss franc to close at 314.39.

Against the Japanese Yen, PKR's value appreciated 0.22 paisa or 0.12% to close the session at 1.8311 versus 1.8333 a day ago.

Pakistani Rupee appreciated 0.51 paisa or 0.01% against Chinese Yuan to close at 38.33 from 38.34.

The local currency fell by 3.16 paisa or 0.04% against Saudi Riyal to 74.03. While it fell by 2.21 paisa or 0.03% against the U.A.E Dirham to close at 75.70.

During the current fiscal year, PKR has gained against the US Dollar by 29.68 paisa or 0.11%. While it has gained 3.82 rupees or 1.37% so far this calendar year.

In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates fell by 49bps to 12.63% and 12.88%.

The sharp drop in KIBOR follows the government's reduction of cut-off yields by up to 85 bps in yesterday's MTB auction.

The 3-month cut-off yield dropped to its lowest level since April 6, 2022, hitting an approximate 31-month low.

Meanwhile, yields for 6-month and 12-month bonds went to their lowest point since March 2022.

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