PKR settles with a gain of over 9 paisa against USD

July 25, 2024 (MLN): The Pakistani rupee (PKR) appreciated by 9.39 paisa against the US dollar in Thursday's interbank session as the currency settled the trade at PKR 278.41 per USD, compared to the previous session's closing of PKR 278.5 per USD.

The currency saw an intraday high (bid) of 278.50 and a low (ask) of 278.25.

In the open market, exchange companies quoted the dollar at 279.05 for buying and 280.5 for selling.

In comparison to major currencies, PKR lost 45.51 paisa against the Euro, closing at 302.01 compared to the previous value of 301.56.

The British Pound became expensive by 24.09 paisa closing at 359.06 compared to 358.82 from a day ago.

The Swiss franc saw gains of 3.41 rupees, closing at 316.12 compared to 312.71 from the previous session.

Against the Japanese Yen, PKR lost 2.67 paisa, closing at 1.8281 versus 1.8014 a day ago.

The Chinese Yuan gained 25.24 paisa, closing at 38.53 against 38.28 from the previous session.

The Saudi Riyal closed at 74.21 with a loss of 3.1 paisa from its value of 74.24 a day ago.

The U.A.E Dirham decreased in value by 2.56 paisa from 75.8 a day ago to 75.82.

During the current financial year, PKR has depreciated against the Dollar by 6.49 paisa or 0.02%. While the current calendar year has seen PKR appreciate by 3.45 rupees or 1.24%.

In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates dropped by 31 bps to 19.18% and 19.43%.

The drop in yields follows the central bank’s auction of Market Treasury Bills (MTBs), where yields decreased by up to 56 basis points (bps).

The primary reason for the lower yields is increased speculation about another rate cut by the central bank in its upcoming Monetary Policy Committee (MPC) meeting scheduled for July 29, 2024.

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