The financial landscape witnessed the Pakistani Rupee (PKR) experiencing a slight depreciation against the US dollar in the latest interbank session. The day concluded with the PKR adjusting to a slightly lower position, trading at 279.3136 per USD from its previous standing at 279.2631 per USD.
PKR INTERBANK EXCHANGE RATES ON MARCH 05, 2024
| Country Name | Symbol | Rate |
|---|---|---|
| United States | USD | 279.31 |
| Eurozone | EUR | 303.08 |
| United Kingdom | GBP | 354.13 |
| Japan | JPY | 1.8572 |
| United Arab Emirates | AED | 76.05 |
| Saudi Arabia | SAR | 74.48 |
| Australia | AUD | 181.16 |
| Canada | CAD | 205.42 |
YEARLY PERFORMANCE REVIEW
Reflecting on the financial year thus far, the PKR has shown resilience against the Dollar, appreciating by 6.68 rupees or 2.39%. This upward trend continued into the current calendar year, with a 2.55 rupees or 0.91% appreciation, indicating a cautious optimism in the economic corridors.
OIL
West Texas Intermediate (WTI) oil prices have declined for the second session in a row, standing near $78.20 per barrel, despite OPEC+ countries, including Russia, extending voluntary cuts amounting to 2.2 million barrels per day to support prices. Geopolitically, ceasefire talks in Gaza facilitated by Hamas and Egyptian mediators continue without Israeli participation, amid demands for a hostage list from Hamas. Meanwhile, the Houthi authority in Yemen has imposed new maritime entry regulations. Concurrently, China aims to rejuvenate its economy post-COVID-19 by transforming its development model and addressing overcapacity, targeting a 5% growth rate for 2024 to potentially boost crude oil consumption and stabilize prices.
