USD TO PKR INTERBANK RATE: Wednesday’s interbank trading, the value of the Pakistani rupee (PKR) increased by 09 paisas in relation to the US dollar, finishing at PKR281.13 from PKR PKR281.22 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 280.07 for buying and 282.34 for selling.
Interbank closing #ExchangeRate for today https://t.co/Y9DtSgq0jH#SBPExchangeRate pic.twitter.com/jGxi5Enb9T
— SBP (@StateBank_Pak) January 10, 2024
The recent upward trajectory of the Pakistani Rupee (PKR) against the US dollar signals a positive market sentiment, with potential implications for trade, investments, and overall economic stability. Concurrently, the US dollar’s surge in global markets has momentarily halted as traders anticipate Federal Reserve rate cuts in response to perceived slowing inflation in the United States.
This outlook is substantiated by the New York Fed’s Survey of Consumer Expectations, which indicates a decline in short-term inflation projections among US consumers.
PKR AGAINST MAJOR CURRENCIES
In the recent currency market fluctuations, the Pakistani Rupee (PKR) exhibited noteworthy changes against major currencies.
Notably, it strengthened by 94.44 paisa against the Euro, concluding at 307.16 compared to the previous rate of 308.11.
The British Pound saw a depreciation of 1.38 rupees, closing at 356.98, down from 358.36 in the preceding day.
Similarly, the Swiss Franc experienced a decline of 1.86 rupees, settling at 329.85 as opposed to the earlier 331.71.
Against the Japanese Yen, PKR gained 1.24 paisa, closing at 1.9396 compared to 1.952 the day before.
The Chinese Yuan, however, witnessed a slight loss of 9.25 paisa, concluding at 39.19 against the previous session’s 39.29.
The Saudi Riyal closed at 74.96, exhibiting a decrease of 2.66 paisa from its prior value of 74.99.
Additionally, the U.A.E Dirham experienced a decrease in value by 2.62 paisa, settling at 76.57, down from 76.54 a day ago. These fluctuations reflect the dynamic nature of the foreign exchange market.
