The Pakistani Rupee (PKR) appreciated by 15.92 paisa or 0.06% against the US Dollar in Thursday’s interbank session, closing at PKR 277.69 per USD compared to the previous day’s rate of PKR 277.85. The currency saw an intraday high of PKR 277.8 (bid) and a low of PKR 277.55 (ask) during trading hours.
IMF PROGRAM BOOSTS PKR
The recent strength of the PKR comes after the International Monetary Fund (IMF) concluded the 2024 Article IV consultation and approved a 37-month Extended Fund Facility (EFF) arrangement for Pakistan worth SDR 5,320 million (around $7 billion). The approval allows for an immediate disbursement of SDR 760 million (about $1 billion), providing a significant boost to market sentiment.
PKR PERFORMANCE IN OPEN MARKET
In the open market, the US Dollar was quoted at PKR 279.41 for buying and PKR 280.7 for selling, reflecting the general positivity surrounding the currency after the IMF announcement.
PKR GAINS AGAINST MAJOR CURRENCIES
- Euro: PKR gained 1.93 rupees, closing at PKR 309.02 compared to PKR 310.95 from the previous session.
- British Pound: The British Pound became cheaper by 1.73 rupees, closing at PKR 370.32 versus PKR 372.05.
- Swiss Franc: PKR appreciated by 1.72 rupees, settling at PKR 327.23 from the previous value of PKR 328.95.
- Japanese Yen: The Rupee strengthened by 1.56 paisa, closing at PKR 1.915 from PKR 1.9306 a day earlier.
- Chinese Yuan: The Yuan lost 2.81 paisa, with PKR closing at 39.55 against 39.58 from the previous session.
- Saudi Riyal: The PKR gained 3.36 paisa, closing at 74.02 compared to 74.05.
- UAE Dirham: The Dirham saw a loss of 4.34 paisa, closing at PKR 75.65 from PKR 75.6.
PKR’S YEARLY PERFORMANCE
During the current financial year, PKR has appreciated by 65.43 paisa or 0.24% against the Dollar, while the calendar year has seen a more significant appreciation of 4.17 rupees or 1.5%.
MONEY MARKET RATES DECLINE
In the money market, the benchmark 6-month Karachi Interbank Bid and Offer Rates (KIBOR) dropped by 19 basis points (bps) to 15.64% and 15.89%, respectively, further supporting the PKR.
