In Monday’s interbank session, the Pakistani rupee (PKR) experienced a modest depreciation of over 7 paisa against the US dollar, settling at PKR 278.2 per USD compared to the previous session’s closing of PKR 278.12 per USD. The currency exhibited an intraday high (bid) of 278.45 and a low (ask) of 278.25.
In the open market, exchange companies quoted the dollar at 277.01 for buying and 279.55 for selling.
Pakistan progresses towards stability as formal discussions with the International Monetary Fund (IMF) for a longer and larger program have commenced. Notably, Pakistan achieved satisfactory results under the Standby Arrangement with the IMF, meeting all seven QPCs for end-December 2023. However, the IMF has raised concerns regarding potential social tensions resurgence in Pakistan, reflecting the complex political landscape and high cost of living, which could impact policy and reform implementation.
In comparison to major currencies, PKR witnessed fluctuations:
- Against the Euro, PKR gained 15.66 paisa, closing at 299.78 compared to the previous value of 299.94.
- The British Pound became cheaper by 15.76 paisa, closing at 348.44 compared to 348.6 from the previous day.
- The Swiss franc saw losses of 17.22 paisa, closing at 306.8 compared to 306.98 from the previous session.
- Against the Japanese Yen, PKR gained 0.23 paisa, closing at 1.7846 versus 1.7869 a day ago.
- The Chinese Yuan lost 4.19 paisa, closing at 38.45 against 38.5 from the previous session.
- The Saudi Riyal closed at 74.18 with a gain of 2.08 paisa from its value of 74.16 a day ago.
- The U.A.E Dirham increased in value by 1.91 paisa from 75.74 a day ago to 75.72.
During the current financial year, PKR has appreciated against the Dollar by 7.8 rupees or 2.8%. Meanwhile, in the current calendar year, PKR has appreciated by 3.67 rupees or 1.32%.
In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates slightly inched down by 1 bps to 21.32% and 21.57%.
