PKR settles flat at 278.64 against USD

March 19, 2024 (MLN): The Pakistani rupee (PKR) remained relatively stable against the US dollar in Tuesday's interbank session to settle at PKR 278.64 per USD, compared to the previous session's closing of PKR 278.63 per USD.

The currency saw an intraday high (bid) of 278.75 and a low (ask) of 278.5.

In the open market, exchange companies quoted the dollar at 278.54 for buying and 281.15 for selling.

Last week, the home unit extended its winning journey against the mighty Dollar by appreciating over 29 paisa.

It is crucial to note that Pakistan and the International Monetary Fund (IMF) have commenced the second review of the Stand-By Arrangement signed on June 30, 2023.

This would be the final review of SBA, and staff-level agreement is expected after this appraisal.

Once Staff level agreement is reached, the final tranche of $1.1 billion will be disbursed, following the approval of the Executive Board of IMF.

In comparison to major currencies, PKR gained 1.16 rupees against the Euro, closing at 302.35 compared to the previous value of 303.51.

The British Pound became cheaper by 1.22 rupees closing at 353.79 compared to 355.01 from a day ago.

The Swiss franc saw losses of 2.01 rupees, closing at 313.18 compared to 315.19 from the previous session.

Against the Japanese Yen, PKR gained 1.52 paisa, closing at 1.8532 versus 1.8684 a day ago.

The Chinese Yuan lost 0.6 paisa, closing at 38.7 against 38.71 from the previous session.

The Saudi Riyal closed at 74.3 with a gain of 0.1 paisa from its value of 74.3 a day ago.

The U.A.E Dirham decreased in value by 0.21 paisa from 75.87 a day ago to 75.88.

During the current financial year, PKR has appreciated against the Dollar by 7.35 rupees or 2.64%. While the current calendar year has seen PKR appreciate by 3.22 rupees or 1.16%.

In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates inched up by 21 bps to 21.2% and 21.45%.

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