PKR settles stable at 278.3 against USD

June 05, 2024 (MLN): The Pakistani rupee (PKR) settled stable against the US dollar in Wednesday's interbank session as the currency settled the trade at PKR 278.3 per USD, compared to the previous session's closing of PKR 278.3 per USD.

The currency saw an intraday high (bid) of 278.5 and a low (ask) of 278.3.

In the open market, exchange companies quoted the dollar at 277.18 for buying and 279.59 for selling.

Pakistan's currency, though not registering any gains, has successfully managed to maintain stability against the mighty Dollar for another month in light of stable economic operations.

The Rupee settled May at 278.33 per USD, reflecting a meager 1 paisa drop compared to the previous month's closing rate of 278.31 per USD.

The successful conclusion of the 9-month SBA with the International Monetary Fund (IMF) proved to be the primary catalyst for the persistent strengthening journey of the Pak Rupee as it provided a policy anchor to eliminate FX shortages by returning to proper FX market functioning.

Official data on Monday showed consumer price gains eased to 11.8% YoY in May compared to last year, far slower than what economists forecasted, strengthening bets for SBP to shift away from its “higher-for-longer” stance on interest rates.

A drop in interest rates is expected to result in a decline in the Real Effective Exchange Rate (REER) index.

In comparison to major currencies, PKR gained 20.41 paisa against the Euro, closing at 302.64 compared to the previous value of 302.84.

The British Pound became cheaper by 3.63 paisa closing at 355.57 compared to 355.61 from a day ago.

The Swiss franc saw gains of 89.3 paisa, closing at 311.79 compared to 310.89 from the previous session.

Against the Japanese Yen, PKR gained 0.88 paisa, closing at 1.7828 versus 1.7916 a day ago.

The Chinese Yuan lost 0.92 paisa, closing at 38.41 against 38.42 from the previous session.

The Saudi Riyal closed at 74.2 with a gain of 0.31 paisa from its value of 74.2 a day ago.

The U.A.E Dirham decreased in value by 0.29 paisa from 75.77 a day ago to 75.77.

During the current financial year, PKR has appreciated against the Dollar by 7.69 rupees or 2.76%. While the current calendar year has seen PKR appreciate by 3.56 rupees or 1.28%.

In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates dropped by 10 bps to 20.49% and 20.74%.

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