PKR rebounds, gains over 8 paisa against USD

MG News | April 30, 2024 at 04:24 PM GMT+05:00

0:00

April 30, 2024 (MLN): The Pakistani rupee (PKR) appreciated by 8.34 paisa against the US dollar in Tuesday's interbank session as the currency settled the trade at PKR 278.31 per USD, compared to the previous session's closing of PKR 278.4 per USD.

The currency saw an intraday high (bid) of 278.45 and a low (ask) of 278.20.

In the open market, exchange companies quoted the dollar at 276.92 for buying and 279.63 for selling.

The domestic currency has alleviated pressure and experienced a slight rebound today on the positivity surrounding IMF’s approval for an immediate disbursement of around $1.1 billion to Pakistan under the $3bn standby arrangement.

The said amount will help bolster the foreign exchange reserves of Pakistan. At present, the total foreign exchange reserves stand at around $8bn.

In comparison to major currencies, PKR gained 42.33 paisa against the Euro, closing at 297.96 compared to the previous value of 298.39.

The British Pound became expensive by 20.17 paisa closing at 348.99 compared to 348.79 from a day ago.

The Swiss franc saw losses of 44.26 paisa, closing at 304.87 compared to 305.31 from the previous session.

Against the Japanese Yen, PKR gained 1.11 paisa, closing at 1.7749 versus 1.786 a day ago.

The Chinese Yuan gained 1.47 paisa, closing at 38.43 against 38.42 from the previous session.

The Saudi Riyal closed at 74.21 with a loss of 2.23 paisa from its value of 74.23 a day ago.

The U.A.E Dirham decreased in value by 2.28 paisa from 75.78 a day ago to 75.8.

During the current financial year, PKR has appreciated against the Dollar by 7.68 rupees or 2.76%. While the current calendar year has seen PKR appreciate by 3.55 rupees or 1.27%.

In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates rose by 17 bps to 21.29% and 21.54%.

Yields have ticked higher today after the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) in its meeting held yesterday, decided to keep the policy rate unchanged at 22% for the seventh consecutive meeting.

Performance Summary

Currency	Apr 30, 2024	Apr 29, 2024	Change	1 Month	FYTD	CYTD	1 Day	7 Day	1 Month	MTD	FYTD	CYTD
USD	278.3142	278.3976	0.0834	-0.367	7.6763	3.5465	0.03%	0.02%	-0.13%	-0.13%	2.76%	1.27%
EUR	297.9632	298.3865	0.4233	1.5944	14.9676	13.5351	0.14%	-0.27%	0.54%	0.54%	5.02%	4.54%
GBP	348.9921	348.7904	-0.2017	1.8746	15.1452	9.6051	-0.06%	-1.43%	0.54%	0.54%	4.34%	2.75%
CHF	304.8682	305.3108	0.4426	3.414	14.8886	30.2016	0.15%	0.22%	1.12%	1.12%	4.88%	9.91%
JPY	1.7749	1.786	0.0111	0.0613	0.2174	0.2146	0.63%	1.3%	3.45%	3.45%	12.25%	12.09%
SAR	74.2052	74.2275	0.0223	-0.0948	2.0488	0.9576	0.03%	0.01%	-0.13%	-0.13%	2.76%	1.29%
AED	75.775	75.7978	0.0228	-0.0875	2.0868	0.9677	0.03%	0.03%	-0.12%	-0.12%	2.75%	1.28%
CNY	38.4324	38.4177	-0.0147	0.0429	1.2373	1.199	-0.04%	-0.05%	0.11%	0.11%	3.22%	3.12%

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	-1.03%	10.34%	04-Jul-23	05-Sep-23	301	238
EUR	291.618	332.701	41.083	-2.13%	11.66%	16-Oct-23	31-Aug-23	197	243
GBP	337.032	387.972	50.9401	-3.43%	11.17%	16-Oct-23	31-Aug-23	197	243
CHF	306.458	347.163	40.7049	0.52%	13.87%	13-Oct-23	31-Aug-23	200	243
JPY	1.851	2.2178	0.3668	4.29%	24.95%	16-Oct-23	11-May-23	197	355
SAR	73.4412	81.8703	8.429	-1.03%	10.33%	04-Jul-23	05-Sep-23	301	238
AED	74.9888	83.6089	8.620	-1.04%	10.34%	04-Jul-23	05-Sep-23	301	238
CNY	37.8634	43.0908	5.2274	-1.48%	12.12%	16-Oct-23	11-May-23	197	355

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