The Pakistani rupee (PKR) appreciated by 8.22 paisa against the US dollar in Friday’s interbank session, closing at PKR 278.51 per USD compared to the previous session’s closing of PKR 278.59 per USD. During the session, the currency hit an intraday high (bid) of 278.6 and a low (ask) of 278.4.
USD TO PKR
In the open market, exchange companies quoted the dollar at 277.66 for buying and 280.25 for selling. Despite the weekly loss of 0.31 rupees against the USD, the domestic currency rebounded strongly following the announcement of the 2024-25 budget. This budget is expected to lay the groundwork for an extended program with the International Monetary Fund (IMF) to achieve economic stability.
CURRENCY PERFORMANCE AGAINST MAJOR CURRENCIES:
- Euro (EUR): PKR gained 3.06 rupees, closing at 298.23 compared to 301.28.
- British Pound (GBP): PKR appreciated by 1.71 rupees, closing at 354.56 from 356.26.
- Swiss Franc (CHF): PKR gained 69.25 paisa, closing at 311.95 from 311.26.
- Japanese Yen (JPY): PKR increased by 0.36 paisa, closing at 1.7677 from 1.7713.
- Chinese Yuan (CNY): PKR depreciated by 3.15 paisa, closing at 38.39 from 38.42.
- Saudi Riyal (SAR): PKR lost 3.18 paisa, closing at 74.23 from 74.27.
- U.A.E Dirham (AED): PKR decreased by 2.34 paisa, closing at 75.85 from 75.82.
During the current financial year, the PKR has appreciated by 7.48 rupees (2.69%) against the dollar. In the current calendar year, the PKR has seen an appreciation of 3.35 rupees (1.2%).
MONEY MARKET OVERVIEW:
In the money market, the benchmark 6-month Karachi Interbank Bid and Offer rates inched up by 4 basis points to 19.86% and 20.11%, respectively. The State Bank of Pakistan (SBP) conducted a reverse repo and Shariah-compliant Modarabah-based Open Market Operation (OMO) today, injecting a total of Rs11.96 trillion into the market. Of this amount, Rs11.72 trillion were injected through reverse repo OMO, and Rs245 billion through Shariah-compliant Modarabah-based OMO.
