In a refreshing change of pace, the Pakistani Rupee (PKR) has reversed its recent downtrend, marking a notable appreciation against the US Dollar (USD). Thursday’s interbank session witnessed the PKR climbing approximately 7 paisa to close at PKR 279.29 per USD, showcasing a slight yet significant improvement from the previous session’s closure at PKR 279.35 per USD.


PKR INTERBANK EXCHANGE RATES ON MARCH 07, 2024


USD TO PKR
Country NameSymbolRate
United StatesUSD279.29
EurozoneEUR304.23
United KingdomGBP355.59
JapanJPY1.8865
United Arab EmiratesAED76.04
Saudi ArabiaSAR74.46
AustraliaAUD184.02
CanadaCAD206.75

THE IMPACT OF MARKET TRENDS ON TREASURY BILLS

A vital aspect contributing to this optimistic shift includes the latest developments in the secondary market yields. Following the outcome of the latest auction, there was a considerable decrease in the yields of Market Treasury Bills (MTB), with reductions reaching up to 30 basis points. This development signals a potential easing of financial conditions and provides a glimpse into the market’s future trajectory.

ANTICIPATIONS OF A RATE CUT

The continuous drop in auction yields, coupled with a decrease in inflation to a 20-month low, has ignited speculation among market participants about a potential reduction in interest rates in the near future. Such expectations are grounded in the belief that easing inflationary pressures and stabilizing market yields could pave the way for a more accommodative monetary policy, fostering a conducive environment for economic growth.

SUBRSCRIBE

Leave a Reply

Your email address will not be published. Required fields are marked *

TRENDING

Archives
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?