PKR makes strong comeback, gains 17 paisa against USD

January 03, 2024 (MLN): The Pakistani rupee (PKR) made a strong comeback on Wednesday after snapping its 13-day-long winning streak against the U.S. Dollar in the previous session.

The home unit appreciated by 17.02 paisa against the US dollar today and settled the trade at PKR 281.72 per USD, compared to the previous session's closing of PKR 281.89 per USD.

The currency witnessed an intraday high (bid) of 281.94 and a low (ask) of 281.9.

Meanwhile, in the open market, Exchange Companies quoted the dollar at 279.94 for buying and 282.42 for selling.

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 crucial to highlight that Pakistan has been included in the IMF's meeting agenda for January 11, 2024.

Moreover, the latest trade numbers released by the Pakistan Bureau of Statistics (PBS) have also shown satisfactory results as the country's trade deficit reduced significantly by 13.43% MoM and 40.13% YoY in December.

Additionally, exports in the review month surged by 9.29% MoM and the country's expenditure on imports during the review month inched down by 0.55% MoM.

In comparison to major currencies, PKR gained 2.19 rupees against the Euro, closing at 308.63 compared to the previous value of 310.82.

The British Pound became cheaper by 3.1 rupees closing at 356.24 compared to 359.34 from a day ago.

The Swiss franc saw losses of 2.52 rupees, closing at 331.25 compared to 333.76 from the previous session.

Against the Japanese Yen, PKR gained 1.65 paisa, closing at 1.9758 versus 1.9923 a day ago.

The Chinese Yuan lost 9.24 paisa, closing at 39.43 against 39.53 from the previous session.

The Saudi Riyal closed at 75.12 with a loss of 4.74 paisa from its values of 75.17 a day ago.

The U.A.E Dirham decreased in value by 5.05 paisa from 76.71 a day ago to 76.76.

During the current financial year, PKR has appreciated against the Dollar by 4.27 rupees or 1.51%. While the current calendar year has seen PKR appreciate by 13.65 paisa or 0.05%.

In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates inched down by 1 bps to 21.22 and 21.47%.

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