PKR maintains momentum, settles at 281.11 against USD

MG News | January 11, 2024 at 03:25 PM GMT+05:00

0:00

January 11, 2024 (MLN): The Pakistani rupee (PKR) appreciated by a marginal 1.88 paisa against the US dollar in Thursday's interbank session as the currency settled the trade at PKR 281.11 per USD, compared to the previous session's closing of PKR 281.13 per USD.

The currency saw an intraday high (bid) of 281.19 and a low (ask) of 281.15.

In the open market, Exchange Companies quoted the dollar at 279.67 for buying and 281.94 for selling.

This marks the seventh consecutive victory for the home unit after it broke its 13-day upside streak against the greenback.

PKR has found stable ground amid increased liquidity in the foreign exchange market due to tighter enforcement of regulations, a shrinking money supply, a balance of payments surplus on account of low import demand, and a moratorium on Chinese debt repayments.

The positive market sentiments, attributed to the expectations of the approval of the second loan tranche worth $700 million by the International Monetary Fund (IMF), continue to benefit the local currency.

It is worth highlighting that Pakistan is scheduled to meet the IMF today for the approval of this tranche.

In comparison to major currencies, PKR lost 1.47 rupees against the Euro, closing at 308.63 compared to the previous value of 307.16.

The British Pound became expensive by 1.79 rupees closing at 358.77 compared to 356.98 from a day ago.

The Swiss franc saw gains of 63.72 paisa, closing at 330.49 compared to 329.85 from the previous session.

Against the Japanese Yen, PKR gained 0.63 paisa, closing at 1.9333 versus 1.9396 a day ago.

The Chinese Yuan gained 6.85 paisa, closing at 39.26 against 39.19 from the previous session.

The Saudi Riyal closed at 74.96 with a loss of 0.3 paisa from its values of 74.96 a day ago.

The U.A.E Dirham decreased in value by 0.4 paisa from 76.54 a day ago to 76.54.

During the current financial year, PKR has appreciated against the Dollar by 4.88 rupees or 1.74%. While the current calendar year has seen PKR appreciate by 74.97 paisa or 0.27%.

In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates inched down by 33 bps to 20.73 and 20.98%.

Performance Summary

Currency	Jan 11, 2024	Jan 10, 2024	Change	1 Month	FYTD	CYTD	1 Day	7 Day	1 Month	MTD	FYTD	CYTD
USD	281.111	281.1298	0.0188	2.6693	4.8795	0.7497	0.01%	0.2%	0.95%	0.27%	1.74%	0.27%
EUR	308.6318	307.1624	-1.4694	-2.816	4.299	2.8665	-0.48%	-0.18%	-0.91%	0.93%	1.39%	0.93%
GBP	358.7679	356.9786	-1.7893	-2.0844	5.3694	-0.1707	-0.5%	-0.36%	-0.58%	-0.05%	1.5%	-0.05%
CHF	330.4856	329.8484	-0.6372	-6.5725	-10.7288	4.5842	-0.19%	0.46%	-1.99%	1.39%	-3.25%	1.39%
JPY	1.9333	1.9396	0.0063	0.0178	0.059	0.0562	0.33%	1.59%	0.92%	2.91%	3.05%	2.91%
SAR	74.9589	74.9619	0.003	0.7017	1.2951	0.2039	0%	0.19%	0.94%	0.27%	1.73%	0.27%
AED	76.5397	76.5437	0.004	0.7351	1.3221	0.203	0.01%	0.2%	0.96%	0.27%	1.73%	0.27%
CNY	39.2624	39.1939	-0.0685	0.2814	0.4073	0.369	-0.17%	0.31%	0.72%	0.94%	1.04%	0.94%

52 Week Performance

Currency	High	Low	Trading Band	% Since High	% Since Low	High Date	Low Date	Days Since High	Days Since Low
USD	228.144	307.1	78.9552	-18.84%	9.24%	12-Jan-23	05-Sep-23	364	128
EUR	245.369	332.701	87.3312	-20.5%	7.8%	12-Jan-23	31-Aug-23	364	133
GBP	277.15	387.972	110.8225	-22.75%	8.14%	12-Jan-23	31-Aug-23	364	133
CHF	244.279	347.163	102.884	-26.08%	5.05%	12-Jan-23	31-Aug-23	364	133
JPY	1.7328	2.2178	0.485	-10.37%	14.72%	12-Jan-23	11-May-23	364	245
SAR	60.7404	81.8703	21.1299	-18.97%	9.22%	13-Jan-23	05-Sep-23	363	128
AED	62.1139	83.6089	21.495	-18.85%	9.24%	12-Jan-23	05-Sep-23	364	128
CNY	33.7534	43.0908	9.3374	-14.03%	9.75%	17-Jan-23	11-May-23	359	245

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