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


USD TO PKR
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.

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