USD TO PKR INTERBANK RATE: Wednesday’s interbank trading, the value of the Pakistani rupee (PKR) increased by 17 paisas in relation to the US dollar, finishing at PKR281.72 from PKR PKR281.89 a day earlier.
The Rupee of Pakistan (PKR) Ends Its Successful Run! Following an impressive 13-day run, the PKR fell 3.37 paisa versus the US dollar in Tuesday’s interbank trade, ending the day at PKR 281.89 per USD. As we examine the complexities of the ever-changing forex market, fasten your seatbelts for an exhilarating ride!
OPEN MARKET RATES: Exchange companies quoted the dollar at 281.5 for buying and 283.5 for selling in the open market. PKR in the previous session closed at 280.5 for buying and 283.5 for selling. The change reflects an depreciation of Pakistani Rupee against the US Dollar in the open market.
PKR AGAINST MAJOR CURRENCIES
The rupee appreciated 2.19 against the euro relative to other major currencies, closing at 308.63 from 310.82 earlier.
The British Pound closed at 356.24 today, down 3.1 rupees from the previous day’s close of 359.34.
After losing 2.52 rupees in the previous session, the Swiss franc ended at 331.25, down from 333.76.
The Pakistan Rupee appreciated 1.65 paisa against the Japanese Yen, closing at 1.9758 from 1.9923 the previous day.
The Chinese Yuan ended the day at 39.43, down 9.24 paisa from the previous session’s close of 39.53.
The Saudi Riyal closed at 75.12, down 4.74 paisa from its value of 75.17 the previous day.
TRADE DEFICIT IMPROVEMENT
Pakistan’s economic performance in the first half of FY24 exhibits a significant improvement in the trade deficit, narrowing by 34.29% YoY to $11.15 billion, compared to $16.97 billion in the same period last year, as reported by the Pakistan Bureau of Statistics.
This improvement is fueled by a 5.17% YoY increase in exports to Rs14.98 billion, coupled with a notable 16.28% YoY decrease in imports at Rs26.13 billion. In December, the trade deficit further improved by 13.43% MoM to $1.7 billion, showing a substantial 40.13% reduction compared to December 2022.
December exports increased by 22.2% YoY over the same month in 2022, or 9.29% MoM, to $2.81 billion. December imports fell by 0.55% MoM to $4.51 billion, a notable YoY decline of 12.25% from December 2022 when imports were $5.14 billion. For the first half of the fiscal year, these numbers point to a positive trajectory in Pakistan’s trade dynamics.
