The Pakistani Rupee (PKR) has recently experienced a slight shift in its trajectory against the US Dollar (USD), marking an end to its impressive 13-week-long rally. After a commendable streak of gains, the PKR has faced a slight setback, depreciating by approximately 8 paisa against the USD. The currency closed the last trading session of the week at PKR 279.36 per USD, slightly down from the previous week’s closing of PKR 279.28 per USD. A day earlier!
PKR INTERBANK EXCHANGE RATES ON FEBRUARY 16, 2024
| Currency | Rate |
|---|---|
| USD | 279.3603 |
| EUR | 300.6616 |
| GBP | 351.4074 |
| JPY | 1.8592 |
| AED | 76.0620 |
| SAR | 74.4881 |
PKR OPEN MARKET EXCHANGE RATES
The Pakistani Rupee (PKR) has shown varying levels of strength against a basket of major currencies. Here’s a closer look at the buying and selling rates as reported by ECAP:
PKR OPEN MARKET EXCHANGE RATES ON FEBRUARY 16, 2024
| Currency | Buying | Selling |
|---|---|---|
| USD | 279.32 | 281.77 |
| EUR | 299.53 | 302.30 |
| GBP | 350.39 | 353.57 |
| JPY | 1.83 | 1.86 |
| AED | 76.08 | 76.81 |
| SAR | 74.25 | 74.94 |
USD TO PKR
The cornerstone of global finance, the USD, has a buying rate of 279.32 PKR and a selling rate of 281.77 PKR. The US Dollar’s performance is a key indicator of Pakistan’s economic interactions with the global market, affecting everything from import costs to foreign debt repayments.
MARKET DOWNTURN: KSE-100 FACES SHARP DECLINE AMID POLITICAL UNCERTAINTY AND ECONOMIC CONCERNS
The forex market’s volatility can be attributed in part to the prevailing political unrest. The recent upward momentum of the PKR was halted amid growing uncertainties regarding the new government’s formation and policies. The electoral outcome has intensified concerns over political stability, casting a shadow over Pakistan’s economic growth and its ability to secure crucial International Monetary Fund (IMF) aid. This aid is seen as vital for Pakistan to stave off default, underscoring the significant impact of political dynamics on financial stability.
