In Wednesday’s interbank session, the Pakistani rupee (PKR) demonstrated resilience, appreciating by approximately 2 paisa against the US dollar. The currency settled at PKR 278.1 per USD, compared to the previous session’s closing of PKR 278.12 per USD, with an intraday high (bid) of 278.2 and a low (ask) of 278.
Exchange companies in the open market quoted the dollar at 276.57 for buying and 279.14 for selling.
This positive momentum in the currency market can be attributed to several factors. Firstly, anticipation surrounding the upcoming visit of the International Monetary Fund (IMF) scheduled this month for a new and extended agreement is fostering confidence in Pakistan’s economic resilience. Additionally, the country’s reserves are expected to receive the final tranche from the IMF, amounting to approximately $1.1 billion.
Furthermore, a business and official delegation from the Kingdom of Saudi Arabia (KSA) is currently on a business trip to Pakistan, engaging in business-to-business (B2B) meetings. This visit is anticipated to stimulate significant foreign investment inflows into the nation, further bolstering the strength of the Pakistani rupee.
In comparison to major currencies, the PKR made notable gains:
Against the Euro, the PKR appreciated by 49.3 paisa, closing at 298.62.
The British Pound became cheaper by 1.76 rupees, closing at 346.82.
The Swiss Franc saw losses of 57.69 paisa, closing at 305.87.
Against the Japanese Yen, the PKR gained 1.42 paisa, closing at 1.7902.
The Chinese Yuan lost 6.2 paisa, closing at 38.49.
The Saudi Riyal closed at 74.15 with a loss of 0.4 paisa.
The U.A.E Dirham decreased in value by 0.72 paisa, closing at 75.72.
In the financial market, the benchmark 6 Month Karachi Interbank Bid and Offer rates marginally decreased by 1 basis point to 21.34% and 21.59%.
Throughout the current financial year, the PKR has appreciated against the Dollar by 7.89 rupees or 2.84%, while the calendar year has witnessed an appreciation of 3.76 rupees or 1.35%.
