The Pakistani rupee (PKR) displayed resilience against the US dollar in Thursday’s interbank session, settling at PKR 278.4 per USD, a marginal improvement compared to the previous session’s closing of PKR 278.41 per USD.
PKR INTERBANK EXCHANGE RATES ON MARCH 21, 2024
| Country (Symbol) | Rate |
|---|---|
| United States (USD) | 278.40 |
| Eurozone (EUR) | 304.19 |
| United Kingdom (GBP) | 355.89 |
| Japan (JPY) | 1.8407 |
| United Arab Emirates (AED) | 75.80 |
| Saudi Arabia (SAR) | 74.23 |
| Australia (AUD) | 184.35 |
| Canada (CAD) | 206.66 |
READ: MARCH 21, 2024: PKR EXCHANGE RATES BY NBP AND KERB MARKET
INTERBANK SESSION HIGHLIGHTS:
- PKR closed at PKR 278.4 per USD, with an intraday high (bid) of 278.65 and a low (ask) of 278.45.
- In the open market, exchange companies quoted the dollar at 278.48 for buying and 281.12 for selling.
PERFORMANCE AGAINST MAJOR CURRENCIES:
- PKR lost ground against the Euro, closing at 304.19 compared to the previous value of 302.35.
- The British Pound became stronger by 2.08 rupees, closing at 355.89 compared to 353.8 from the previous day.
- Swiss franc gained 1.36 rupees, closing at 314.22 compared to 312.85.
- PKR lost 0.31 paisa against the Japanese Yen, closing at 1.8407 versus 1.8376 a day ago.
- The Chinese Yuan lost 0.19 paisa, closing at 38.67 against 38.67 from the previous session.
- Saudi Riyal closed at 74.23 with a loss of 0.37 paisa from its value of 74.24 a day ago.
- The U.A.E Dirham decreased by 0.27 paisa from 75.81 a day ago to 75.81.
MARKET ANALYSIS AND MONETARY POLICY UPDATE:
- PKR has appreciated against the Dollar by 7.6 rupees or 2.73% during the current financial year, and by 3.47 rupees or 1.24% in the current calendar year.
- Benchmark 6 Month Karachi Interbank Bid and Offer rates edged up by 5 bps to 21.23% and 21.48%.
- Secondary market yields increased following yesterday’s T-bills auction, which witnessed a rise of up to 60bps.
- The State Bank of Pakistan (SBP) kept the policy rate unchanged at 22% for the sixth consecutive meeting during its Monetary Policy Committee (MPC) meeting held on March 18, in line with market expectations.
