The PKR took a modest dip of 8 paisa against the USD, closing the session at a rate of 279.28 PKR per USD. This minor adjustment followed a previous close of 279.20 PKR per USD, marking a subtle yet noteworthy change in the currency’s trajectory. Throughout the trading day, the PKR saw its value oscillate, reaching a peak bid of 279.4 and a minimum ask of 279 PKR against the USD.
PKR INTERBANK EXCHANGE RATES ON FEBRUARY 27, 2024
| Country Name | Symbol | Rate |
|---|---|---|
| United States | USD | 279.2764 |
| Eurozone | EUR | 303.1825 |
| United Kingdom | GBP | 354.4158 |
| Japan | JPY | 1.8574 |
| United Arab Emirates | AED | 76.032 |
| Saudi Arabia | SAR | 74.4658 |
| Australia | AUD | 182.9819 |
| Canada | CAD | 206.8714 |
PKR OPEN MARKET EXCHANGE RATES
The Pakistani Rupee (PKR) has shown varying levels of strength against a basket of major currencies. Here’s a closer look at the buying and selling rates as reported by ECAP:
PKR OPEN MARKET EXCHANGE RATES ON FEBRUARY 27, 2024
| Currency | Buying | Selling |
|---|---|---|
| USD | 279.45 | 282.04 |
| EUR | 302.00 | 304.80 |
| GBP | 352.75 | 356.02 |
| JPY | 1.83 | 1.86 |
| AED | 75.98 | 76.70 |
| SAR | 74.21 | 74.91 |
UNDERLYING CAUSES OF FLUCTUATION
The backdrop to these financial movements is rich with political and economic developments. The recent general elections, held on February 8, introduced a layer of uncertainty that momentarily unsettled the PKR’s otherwise stable performance against the USD. Despite a generally steady week, the currency faced its fair share of ups and downs, reflective of the broader uncertainties plaguing the nation.
THE ROLE OF INTERNATIONAL INFLUENCES
It’s important to highlight the International Monetary Fund’s (IMF) role amidst these fluctuations. The IMF has signaled a willingness to work closely with Pakistan’s new leadership to devise policies aimed at macroeconomic stabilization. This gesture is a vote of confidence in the country’s economic direction, further underscored by the Fund’s commendation of the caretaker government’s strict adherence to fiscal discipline and its efforts to protect social safety nets.
