USD TO PKR INTERBANK RATE: Friday’s interbank trading, the value of the Pakistani rupee (PKR) increased by 27 paisas in relation to the US dollar, finishing at PKR281.4 from PKR PKR281.67 a day earlier.
This week, the Pakistani rupee (PKR) experienced a positive trend against the US dollar, appreciating by 46 paisa and closing at PKR 281.4 per USD, marking its eighth consecutive weekly gain. In today’s trading session, the currency achieved an intraday high of 281.6 and a low of 281.5, ultimately concluding with a 27 paisa gain.
OPEN MARKET RATES: Exchange companies quoted the dollar at 280 for buying and 282.8 for selling in the open market. PKR in the previous session closed at 281 for buying and 283 for selling. The change reflects an appreciation of Pakistani Rupee against the US Dollar in the open market.
The anticipation of an approval of the second loan tranche by the International Monetary Fund (IMF) for $700 million has contributed to the positive sentiment in the market, which is helping the local currency.
It is crucial to stress that Pakistan will be discussed at the IMF meeting on January 11, 2024.
The local unit rebounded after breaking its 13-day winning streak against the greenback early in the week, driven by positive market sentiments linked to expectations of the International Monetary Fund’s (IMF) approval of the second loan tranche worth $700 million. Pakistan’s inclusion in the IMF’s meeting agenda for January 11, 2024, further contributed to the optimistic atmosphere.
Additionally, recent trade data from the Pakistan Bureau of Statistics revealed a notable reduction of 13.43% MoM and 40.13% YoY in the country’s trade deficit for December, attributed to a 9.29% MoM surge in exports and a slight 0.55% MoM decline in imports.
PKR AGAINST MAJOR CURRENCIES
The PKR appreciated 72.14 paisa against the Euro relative to major currencies, closing at 307.34 from its previous value of 308.07.
The value of the British Pound decreased by 81.17 paisa, ending the day at 356.67 as opposed to 357.49.
The Swiss franc ended the day at 330.42, down 1.59 rupees from the previous session’s closing of 332.01.
PKR increased 2.34 paisa against the Japanese Yen, closing at 1.9406 versus 1.964 the previous day.
The Chinese Yuan ended the day at 39.29, down 9.65 paisa from the previous session’s close of 39.38.
The value of the Saudi Riyal decreased by 7.1 paisa from its closing value of 75.1 the previous day, closing at 75.03.
