Islamabad, June 6, 2024 – The Pakistani rupee (PKR) depreciated by 9.03 paisa against the US dollar in Thursday’s interbank session, closing at PKR 278.39 per USD compared to the previous session’s rate of PKR 278.3 per USD.
During the session, the currency experienced an intraday high (bid) of 278.5 and a low (ask) of 278.3. In the open market, exchange companies quoted the dollar at 277.18 for buying and 279.59 for selling.
This depreciation comes as the country anticipates two significant events. Firstly, the upcoming Monetary Policy Committee meeting on June 10, where there is widespread expectation for the central bank to announce a rate cut, the first in four years. Secondly, the FY 2024-2025 budget, which will outline the government’s strategies to achieve its revenue targets.
Adding to the economic developments, Prime Minister Shehbaz Sharif is currently on a five-day visit to China, focusing on signing Memoranda of Understanding (MoUs) and attracting Chinese investment to boost Pakistan’s Foreign Direct Investment (FDI).
CURRENCY COMPARISONS
In comparison to major currencies, the PKR showed mixed performance:
- Euro: Lost 8.43 paisa, closing at 302.72 (previous 302.64).
- British Pound: Became more expensive by 29.63 paisa, closing at 355.87 (previous 355.57).
- Swiss Franc: Gained 11.86 paisa, closing at 311.9 (previous 311.79).
- Japanese Yen: Gained 0.23 paisa, closing at 1.7805 (previous 1.7828).
- Chinese Yuan: Remained stable, closing at 38.41 (unchanged from the previous session).
- Saudi Riyal: Gained 2.41 paisa, closing at 74.23 (previous 74.2).
- U.A.E Dirham: Increased in value by 2.66 paisa, closing at 75.77 (previous 75.79).
YEARLY PERFORMANCE
During the current financial year, the PKR has appreciated against the dollar by 7.6 rupees or 2.73%. For the current calendar year, the appreciation stands at 3.47 rupees or 1.25%.
MONEY MARKET UPDATE
In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates slightly decreased by 1 basis point to 20.48% and 20.73%, respectively.
