PKR snaps losing streak, gains 7 paisa against USD

MG News | March 07, 2024 at 04:49 PM GMT+05:00

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March 07, 2024 (MLN): The Pakistani rupee (PKR) snapped its four-day losing streak, appreciating around 7 paisa against the US dollar in Thursday's interbank session to settle at PKR 279.29 per USD, compared to the previous session's closing of PKR 279.35 per USD.

The currency saw an intraday high (bid) of 279.75 and a low (ask) of 279.25.

In the open market, exchange companies quoted the dollar at 279.11 for buying and 281.74 for selling.

In comparison to major currencies, PKR lost 81.95 paisa against the Euro, closing at 304.23 compared to the previous value of 303.41.

The British Pound became expensive by 52.76 paisa closing at 355.59 compared to 355.06 from a day ago.

The Swiss franc saw gains of 89.01 paisa, closing at 316.79 compared to 315.9 from the previous session.

Against the Japanese Yen, PKR lost 1.85 paisa, closing at 1.8865 versus 1.868 a day ago.

The Chinese Yuan lost 0.46 paisa, closing at 38.8 against 38.8 from the previous session.

The Saudi Riyal closed at 74.46 with a loss of 2.11 paisa from its value of 74.48 a day ago.

The U.A.E Dirham decreased in value by 1.44 paisa from 76.04 a day ago to 76.06.

During the current financial year, PKR has appreciated against the Dollar by 6.71 rupees or 2.4%. While the current calendar year has seen PKR appreciate by 2.58 rupees or 0.92%.

In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates fell by 10 bps to 21.18% and 21.43%.

The secondary market yields have further dropped after yesterday's auction, during which the yields of Market Treasury Bills (MTB) saw a significant drop of up to 30bps.

The persistent decline in auction yields and the ease in inflation figures to a 20-month low have strengthened market participants' hopes for a rate cut soon.

Performance Summary

Currency	Mar 07, 2024	Mar 06, 2024	Change	1 Month	FYTD	CYTD	1 Day	7 Day	1 Month	MTD	FYTD	CYTD
USD	279.2852	279.3535	0.0683	0.0565	6.7053	2.5755	0.02%	-0.06%	0.02%	-0.06%	2.4%	0.92%
EUR	304.2254	303.4059	-0.8195	-3.6258	8.7054	7.2729	-0.27%	-0.59%	-1.19%	-0.59%	2.86%	2.39%
GBP	355.586	355.0584	-0.5276	-3.0568	8.5513	3.0112	-0.15%	-0.66%	-0.86%	-0.66%	2.4%	0.85%
CHF	316.7937	315.9036	-0.8901	3.6809	2.9631	18.2761	-0.28%	0.27%	1.16%	0.27%	0.94%	5.77%
JPY	1.8865	1.868	-0.0185	0.0001	0.1058	0.103	-0.98%	-1.13%	0.01%	-1.13%	5.61%	5.46%
SAR	74.4632	74.4843	0.0211	0.0219	1.7908	0.6996	0.03%	-0.06%	0.03%	-0.06%	2.4%	0.94%
AED	76.0436	76.058	0.0144	0.0102	1.8182	0.6991	0.02%	-0.07%	0.01%	-0.07%	2.39%	0.92%
CNY	38.798	38.8026	0.0046	0.0294	0.8717	0.8334	0.01%	0%	0.08%	0%	2.25%	2.15%

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	-1.38%	9.96%	04-Jul-23	05-Sep-23	247	184
EUR	291.618	332.701	41.083	-4.14%	9.36%	16-Oct-23	31-Aug-23	143	189
GBP	334.438	387.972	53.5341	-5.95%	9.11%	09-Mar-23	31-Aug-23	364	189
CHF	300.461	347.163	46.7024	-5.16%	9.59%	09-Mar-23	31-Aug-23	364	189
JPY	1.851	2.2178	0.3668	-1.88%	17.56%	16-Oct-23	11-May-23	143	301
SAR	73.4412	81.8703	8.4291	-1.37%	9.95%	04-Jul-23	05-Sep-23	247	184
AED	74.9888	83.6089	8.6201	-1.39%	9.95%	04-Jul-23	05-Sep-23	247	184
CNY	37.8634	43.0908	5.2274	-2.41%	11.06%	16-Oct-23	11-May-23	143	301

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