USD TO PKR INTERBANK RATE: Thursday’s interbank trading, the value of the Pakistani rupee (PKR) increased by 09 paisas in relation to the US dollar, finishing at PKR281.11 from PKR PKR281.13 a day earlier.
OPEN MARKET RATES: Exchange companies quoted the dollar at 280.5 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. Open market saw no change in the currency exchange.
Supported by several factors, the Pakistani rupee showed encouraging signs of stabilisation by late 2023. These included lower money supply, a balance of payments surplus due to lower import demand, a suspension of Chinese debt repayments, and higher foreign exchange market liquidity as a result of stricter enforcement of regulations.
Bloomberg Economics analysts Anna Wong and Stuart Paul anticipate a subdued reading in the upcoming US consumer price-based inflation data, attributing it to further declines in the goods sector.
The US Dollar Index (DXY) held steady at $102.24, slightly above the year-to-date low, as traders awaited the crucial US consumer inflation data for potential impacts on the greenback’s trajectory.
PKR AGAINST MAJOR CURRENCIES
Compared to major currencies, the Pakistani Rupee (PKR) depreciated by 1.47 rupees against the Euro, closing at 308.63, in contrast to the previous value of 307.16.
The British Pound became costlier by 1.79 rupees, concluding at 358.77, compared to 356.98 from the preceding day.
The Swiss Franc experienced gains of 63.72 paisa, finishing at 330.49, in comparison to 329.85 in the previous session.
Against the Japanese Yen, PKR strengthened by 0.63 paisa, closing at 1.9333 versus 1.9396 a day earlier.
The Chinese Yuan gained 6.85 paisa, reaching a closing rate of 39.26 against 39.19 from the prior session.
The Saudi Riyal closed at 74.96, registering a marginal loss of 0.3 paisa from its value of 74.96 a day ago.
The U.A.E Dirham decreased in value by 0.4 paisa, shifting from 76.54 the previous day to 76.54 in the latest session.
In conclusion, the recent currency trends against major counterparts depict a mixed scenario for the Pakistani Rupee (PKR). While experiencing depreciation against the Euro and a slight loss against the British Pound, the PKR demonstrated resilience by gaining ground against the Japanese Yen. The Swiss Franc witnessed appreciable gains, and the Chinese Yuan strengthened, contributing to the dynamic exchange rate landscape. The Saudi Riyal experienced a minor setback, while the U.A.E Dirham saw a marginal decline.
The nuances of international economic factors affecting the performance of the PKR in the foreign exchange market are highlighted by these currency fluctuations.
