On Thursday, March 14, 2024, the Pakistani rupee recorded a marginal change amounts to appreciation of approximately 1.36 paisas in its interbank closing against the US dollar. Closing at 278.7720 against the dollar, the movement from the previous day’s close of 278.7856 showcased a subtle yet notable trend in the foreign exchange market.
PKR INTERBANK EXCHANGE RATES ON MARCH 14, 2024
| Country Name | Symbol | Rate |
|---|---|---|
| United States | USD | 278.77 |
| Eurozone | EUR | 304.89 |
| United Kingdom | GBP | 356.97 |
| Japan | JPY | 1.8856 |
| United Arab Emirates | AED | 75.90 |
| Saudi Arabia | SAR | 74.33 |
| Australia | AUD | 184.49 |
| Canada | CAD | 206.97 |
THE ECONOMY
Goldman Sachs highlights the Pakistani Rupee’s undervaluation by nearly 20%, with a bright 12-month forecast showing a 26% nominal carry opportunity. Amidst expectations of the first positive real interest rate in over three years and falling inflation, the Rupee’s future looks promising. February’s inflation dipped to a 20-month low, setting the stage for potential monetary easing. Despite the anticipation for the State Bank of Pakistan’s (SBP) next move by March 18, a rate cut might wait until April, reflecting a cautious approach to nurturing economic recovery while keeping inflation in check.
