PKR strengthens by 28 paisa against USD

MG News | September 13, 2024 at 03:41 PM GMT+05:00

0:00

September 13, 2024 (MLN): The Pakistani rupee (PKR) appreciated by 27.83 paisa or 0.10% against the US dollar in Friday's interbank session to settle the trade at PKR 278.16 per USD, compared to previous closing of 278.44.

Throughout the day, the currency saw an intraday high (bid) of 278.45 and a low (ask) of 278.20.

In the open market, exchange companies quoted the dollar at 279.41 for buying and 280.85 for selling.

On a weekly basis, the local currency gained 40 paisa against the greenback.

Yesterday, the State Bank of Pakistan (SBP) decided to cut the policy rate by a greater margin of 200bps, which stands out as the highest rate cut in 53 months.

In another major development, IMF Director of Communications Julia Kozek, during a press briefing, declared that the Executive Board is set to meet on September 25 to review and potentially approve the EFF for Pakistan.

In comparison to major currencies, PKR lost 2.06 rupees against the Euro, closing at 308.53 compared to the previous value of 306.47.

The British Pound became expensive by 2.84 rupees closing at 365.77 compared to 362.94 from a day ago.

The Swiss franc saw gains of 2.05 rupees, closing at 327.93 compared to 325.87 from the previous session.

Against the Japanese Yen, PKR lost 2.62 paisa, closing at 1.9785 versus 1.9523 a day ago.

The Chinese Yuan gained 12.22 paisa, closing at 39.21 against 39.09 from the previous session.

The Saudi Riyal closed at 74.12 with a loss of 7.81 paisa from its value of 74.2 a day ago.

The U.A.E Dirham decreased in value by 7.78 paisa from 75.73 a day ago to 75.81.

During the current financial year, PKR has appreciated against the Dollar by 17.72 paisa or 0.06%. While the current calendar year has seen PKR appreciate by 3.7 rupees or 1.33%.

In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates plunged by 57 bps to 16.85% and 17.1%.

The State Bank of Pakistan (SBP) conducted a reverse repo and Shariah Compliant Modarabah based Open Market Operation (OMO) today, in which it cumulatively injected a total of Rs11.77 trillion into the market. Of which Rs11.65tr were injected through reverse repo OMO.

Meanwhile, the remaining Rs125 billion was injected through Shariah-compliant Modarabah-based OMO.

Performance Summary

Currency	Sep 13, 2024	Sep 12, 2024	Change	1 Month	FYTD	CYTD	1 Day	7 Day	1 Month	MTD	FYTD	CYTD
USD	278.164	278.4423	0.2783	0.5389	0.1772	3.6967	0.1%	0.14%	0.19%	0.13%	0.06%	1.33%
EUR	308.5256	306.4675	-2.0581	-4.0009	-10.8396	2.9727	-0.67%	0.34%	-1.3%	0.09%	-3.51%	0.96%
GBP	365.7717	362.9356	-2.8361	-8.9344	-13.8509	-7.1745	-0.78%	0.39%	-2.44%	0.43%	-3.79%	-1.96%
CHF	327.9269	325.8731	-2.0538	-6.4146	-18.5213	7.1429	-0.63%	0.88%	-1.96%	0.15%	-5.65%	2.18%
JPY	1.9785	1.9523	-0.0262	-0.0939	-0.2487	0.011	-1.32%	-1.19%	-4.75%	-2.91%	-12.57%	0.56%
SAR	74.1197	74.1978	0.0781	0.116	0.075	1.0431	0.11%	0.12%	0.16%	0.15%	0.1%	1.41%
AED	75.7321	75.8099	0.0778	0.1467	0.0483	1.0106	0.1%	0.14%	0.19%	0.14%	0.06%	1.33%
CNY	39.2081	39.0859	-0.1222	-0.3458	-0.9029	0.4233	-0.31%	0.28%	-0.88%	0.21%	-2.3%	1.08%

52 Week Performance

Currency	High	Low	Trading Band	% Since High	% Since Low	High Date	Low Date	Days Since High	Days Since Low
USD	276.835	296.849	20.0145	-0.48%	6.72%	16-Oct-23	15-Sep-23	333	364
EUR	291.618	316.382	24.7642	-5.48%	2.55%	16-Oct-23	15-Sep-23	333	364
GBP	337.032	368.939	31.9066	-7.86%	0.87%	16-Oct-23	15-Sep-23	333	364
CHF	306.458	331.342	24.8837	-6.55%	1.04%	13-Oct-23	15-Sep-23	336	364
JPY	1.851	2.0087	0.1577	-6.44%	1.53%	16-Oct-23	15-Sep-23	333	364
SAR	73.8029	79.1397	5.3368	-0.43%	6.77%	16-Oct-23	15-Sep-23	333	364
AED	75.3681	80.8214	5.4533	-0.48%	6.72%	16-Oct-23	15-Sep-23	333	364
CNY	37.8634	40.8175	2.9541	-3.43%	4.1%	16-Oct-23	15-Sep-23	333	364

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