March 28, 2024 (MLN): The Pakistani rupee (PKR) appreciated by around 1paisa against the US dollar in Thursday's interbank session as the currency settled the trade at PKR 278.03 per USD, compared to the previous session's closing of PKR 278.04 per USD.
The currency saw an intraday high (bid) of 278.1 and a low (ask) of 278.
In the open market, exchange companies quoted the dollar at 278.04 for buying and 280.41 for selling.
The country's foreign exchange reserve account is set to witness a robust boost as the country has secured a staff-level agreement with the International Monetary Fund (IMF) for access to SDR 828 million, equivalent to around $1.1 billion.
The agreement recognizes the strong program implementation by the State Bank of Pakistan and the caretaker government in recent months, as well as the new government’s intentions for ongoing policy and reform efforts to move Pakistan from stabilization to a strong and sustainable recovery.
"Given the timing of the Second Review mission, immediately following the formation of the new cabinet, we expect the review to be considered by the IMF’s Board in late April," said a press release issued by the fund,
In comparison to major currencies, PKR gained 98.1 paisa against the Euro, closing at 300 compared to the previous value of 300.98.
The British Pound became cheaper by 41.23 paisa closing at 350.59 compared to 351 from a day ago.
The Swiss franc saw gains of 5.97 paisa, closing at 306.85 compared to 306.79 from the previous session.
Against the Japanese Yen, PKR lost 0.35 paisa, closing at 1.8364 versus 1.8329 a day ago.
The Chinese Yuan gained 0.72 paisa, closing at 38.47 against 38.46 from the previous session.
The Saudi Riyal closed at 74.13 with a gain of 0.01 paisa from its value of 74.13 a day ago.
The U.A.E Dirham increased in value by 0.31 paisa from 75.71 a day ago to 75.71.
During the current financial year, PKR has appreciated against the Dollar by 7.96 rupees or 2.86%. While the current calendar year has seen PKR appreciate by 3.83 rupees or 1.38%.
In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates inched up by 4 bps to 21.45% and 21.7%.
Performance Summary
| Currency | Mar 28, 2024 | Mar 27, 2024 | Change | 1 Month | FYTD | CYTD | 1 Day | 7 Day | 1 Month | MTD | FYTD | CYTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 278.0333 | 278.0406 | 0.0073 | 1.0784 | 7.9572 | 3.8274 | 0% | 0.13% | 0.39% | 0.39% | 2.86% | 1.38% |
| EUR | 299.998 | 300.979 | 0.981 | 2.4195 | 12.9328 | 11.5003 | 0.33% | 1.4% | 0.81% | 0.81% | 4.31% | 3.83% |
| GBP | 350.5862 | 350.9985 | 0.4123 | 2.6576 | 13.5511 | 8.011 | 0.12% | 1.51% | 0.76% | 0.76% | 3.87% | 2.29% |
| CHF | 306.8462 | 306.7865 | -0.0597 | 10.8135 | 12.9106 | 28.2236 | -0.02% | 2.4% | 3.52% | 3.52% | 4.21% | 9.2% |
| JPY | 1.8364 | 1.8329 | -0.0035 | 0.0288 | 0.1559 | 0.1531 | -0.19% | 0.23% | 1.57% | 1.57% | 8.49% | 8.34% |
| SAR | 74.1304 | 74.1303 | -0.0001 | 0.2914 | 2.1236 | 1.0324 | 0% | 0.14% | 0.39% | 0.39% | 2.86% | 1.39% |
| AED | 75.714 | 75.7109 | -0.0031 | 0.2792 | 2.1478 | 1.0287 | 0% | 0.12% | 0.37% | 0.37% | 2.84% | 1.36% |
| CNY | 38.4693 | 38.4621 | -0.0072 | 0.3283 | 1.2004 | 1.1621 | -0.02% | 0.52% | 0.85% | 0.85% | 3.12% | 3.02% |
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 | -0.93% | 10.45% | 04-Jul-23 | 05-Sep-23 | 268 | 205 |
| EUR | 291.618 | 332.701 | 41.083 | -2.79% | 10.9% | 16-Oct-23 | 31-Aug-23 | 164 | 210 |
| GBP | 337.032 | 387.972 | 50.9401 | -3.87% | 10.66% | 16-Oct-23 | 31-Aug-23 | 164 | 210 |
| CHF | 306.458 | 347.163 | 40.7049 | -0.13% | 13.14% | 13-Oct-23 | 31-Aug-23 | 167 | 210 |
| JPY | 1.851 | 2.2178 | 0.3668 | 0.8% | 20.77% | 16-Oct-23 | 11-May-23 | 164 | 322 |
| SAR | 73.4412 | 81.8703 | 8.429 | -0.93% | 10.44% | 04-Jul-23 | 05-Sep-23 | 268 | 205 |
| AED | 74.9888 | 83.6089 | 8.620 | -0.96% | 10.43% | 04-Jul-23 | 05-Sep-23 | 268 | 205 |
| CNY | 37.8634 | 43.0908 | 5.2274 | -1.58% | 12.01% | 16-Oct-23 | 11-May-23 | 164 | 322 |
Copyright Mettis Link News
Posted on: 2024-03-28T15:05:38+05:00
