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CPI Preview: Inflation to fall below 14% YoY in May

PKR sheds another 4 paisa against USD

PKR sheds another 4 paisa against USD
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April 18, 2024 (MLN): The Pakistani rupee (PKR) depreciated by around 4 paisa against the US dollar in Thursday's interbank session as the currency settled the trade at PKR 278.44 per USD, compared to the previous session's closing of PKR 278.4 per USD.

The currency saw an intraday high (bid) of 278.5 and a low (ask) of 278.4.

In the open market, exchange companies quoted the dollar at 278.4 for buying and 278.5 for selling.

The conflict-ridden situation in the Middle East has begun to impact the domestic currency, as oil prices continue to escalate.

However, the government does not anticipate any significant currency devaluation as part of its negotiations with the International Monetary Fund to unlock billions of dollars in lending and bolster the nation’s economic reform agenda.

Finance Minister Muhammad Aurangzeb said there’d be no reason for the rupee to depreciate more than the range of about 6% to 8% seen in a typical year. Pakistan last devalued its currency in January 2023.

In comparison to major currencies, PKR lost 1.63 rupees against the Euro, closing at 297.48 compared to the previous value of 295.85.

The British Pound became expensive by 57.65 paisa closing at 347.35 compared to 346.77 from a day ago.

The Swiss franc saw gains of 71.46 paisa, closing at 306.38 compared to 305.66 from the previous session.

Against the Japanese Yen, PKR lost 0.4 paisa, closing at 1.8046 versus 1.8006 a day ago.

The Chinese Yuan lost 0.11 paisa, closing at 38.46 against 38.46 from the previous session.

The Saudi Riyal closed at 74.23 with a gain of 0.82 paisa from its value of 74.22 a day ago.

The U.A.E Dirham increased in value by 1.24 paisa from 75.82 a day ago to 75.81.

During the current financial year, PKR has appreciated against the Dollar by 7.55 rupees or 2.71%. While the current calendar year has seen PKR appreciate by 3.42 rupees or 1.23%.

In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates inched down by 3 bps to 21.43% and 21.68%.

The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs538.01 billion for 3,6 and 12 months against a target of Rs525bn.

Cut off yields for 3, 6, and 12 months remained largely unchanged at 21.6601%, 21.3874%, and 20.8989%.

Performance Summary

Currency Apr 18, 2024 Apr 17, 2024 Change 1 Month FYTD CYTD 1 Day 7 Day 1 Month MTD FYTD CYTD
USD 278.4363 278.3981 -0.0382 0.2033 7.5542 3.4244 -0.01% -0.18% 0.07% -0.18% 2.71% 1.23%
EUR 297.4813 295.8537 -1.6276 4.8706 15.4495 14.017 -0.55% 1.39% 1.64% 0.7% 5.19% 4.71%
GBP 347.3492 346.7727 -0.5765 6.4396 16.7881 11.248 -0.17% 1.25% 1.85% 1.01% 4.83% 3.24%
CHF 306.3779 305.6633 -0.7146 6.806 13.3789 28.6919 -0.23% 0.22% 2.22% 0.62% 4.37% 9.36%
JPY 1.8046 1.8006 -0.004 0.0486 0.1877 0.1849 -0.22% 1.39% 2.69% 1.75% 10.4% 10.25%
SAR 74.2259 74.2177 -0.0082 0.0721 2.0281 0.9369 -0.01% -0.17% 0.1% -0.16% 2.73% 1.26%
AED 75.8186 75.8062 -0.0124 0.0554 2.0432 0.9241 -0.02% -0.17% 0.07% -0.17% 2.69% 1.22%
CNY 38.461 38.4621 0.0011 0.2424 1.2087 1.1704 0% -0.1% 0.63% 0.04% 3.14% 3.04%

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 -1.08% 10.29% 04-Jul-23 05-Sep-23 289 226
EUR 291.618 332.701 41.083 -1.97% 11.84% 16-Oct-23 31-Aug-23 185 231
GBP 337.032 387.972 50.9401 -2.97% 11.7% 16-Oct-23 31-Aug-23 185 231
CHF 306.458 347.163 40.7049 0.03% 13.31% 13-Oct-23 31-Aug-23 188 231
JPY 1.851 2.2178 0.3668 2.57% 22.9% 16-Oct-23 11-May-23 185 343
SAR 73.4412 81.8703 8.429 -1.06% 10.3% 04-Jul-23 05-Sep-23 289 226
AED 74.9888 83.6089 8.620 -1.09% 10.27% 04-Jul-23 05-Sep-23 289 226
CNY 37.8634 43.0908 5.2274 -1.55% 12.04% 16-Oct-23 11-May-23 185 343

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Posted on: 2024-04-18T16:22:08+05:00