In Tuesday’s interbank session, the Pakistani rupee (PKR) showcased strength, appreciating by 11.86 paisa against the US dollar. The currency settled at PKR 278.12 per USD, compared to the previous session’s closing of PKR 278.24 per USD. The intraday trading range saw a high bid of 278.35 and a low ask of 279.38.
In the open market, exchange companies quoted the dollar at 276.73 for buying and 279.38 for selling, indicating a positive sentiment towards the PKR.
This positivity on the currency front is attributed to several factors. Firstly, anticipation surrounds the upcoming visit of the International Monetary Fund (IMF) scheduled for this month, aimed at negotiating a new and extended agreement. This development is expected to bolster economic resilience in Pakistan.
Furthermore, the country’s reserves are poised to receive the final tranche from the IMF, amounting to approximately $1.1 billion, further strengthening investor confidence in the nation’s financial stability.
In addition, the ongoing business trip of a delegation from the Kingdom of Saudi Arabia (KSA) to Pakistan for business-to-business (B2B) meetings is anticipated to attract significant foreign investment into the country, contributing to the positive sentiment surrounding the PKR.
In comparison to major currencies, the PKR saw gains against the Euro, British Pound, Japanese Yen, and Swiss Franc, while experiencing marginal losses against the Chinese Yuan, Saudi Riyal, and U.A.E Dirham.
Throughout the current financial year, the PKR has demonstrated appreciation against the US dollar, reflecting a strengthening trend in the currency. Similarly, in the current calendar year, the PKR has exhibited consistent appreciation, further reinforcing its positive trajectory.
In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates remained unchanged, reflecting stability in the financial sector.
