In Tuesday’s interbank session, the Pakistani rupee (PKR) showcased remarkable stability against the US dollar, settling at PKR 278.64 per USD. This slight adjustment comes in comparison to the previous session’s closing rate of PKR 278.63 per USD. The intraday fluctuations saw the currency touching a high bid of 278.75 and a low ask of 278.5, indicating a resilient performance.
PKR INTERBANK EXCHANGE RATES ON MARCH 19, 2024
| Country (Symbol) | Rate |
|---|---|
| United States (USD) | 278.64 |
| Eurozone (EUR) | 302.35 |
| United Kingdom (GBP) | 353.79 |
| Japan (JPY) | 1.8532 |
| United Arab Emirates (AED) | 75.87 |
| Saudi Arabia (SAR) | 74.30 |
| Australia (AUD) | 181.49 |
| Canada (CAD) | 205.35 |
MARKET VARIATIONS AND TRENDS
Turning to the open market, exchange companies quoted the dollar at 278.54 for buying and 281.15 for selling. This context provides insights into the dynamic fluctuations within the currency market, shaping investor sentiments and economic strategies.
IMF EVALUATION AND MONETARY OUTLOOK
Of significant note is the ongoing evaluation between Pakistan and the International Monetary Fund (IMF), marking the second review of the Stand-By Arrangement initiated on June 30, 2023. This review holds pivotal importance as it signals the final assessment of the SBA, with expectations of a staff-level agreement post-appraisal. The anticipated agreement would pave the way for the disbursement of the final tranche amounting to $1.1 billion, subject to the Executive Board’s approval.
CURRENCY PERFORMANCE AGAINST MAJOR MARKETS
In comparison to major currencies, the Pakistani rupee exhibited diverse performances:
- Against the Euro, PKR gained 1.16 rupees, closing at 302.35.
- The British Pound witnessed a depreciation of 1.22 rupees, settling at 353.79.
- PKR experienced losses against the Swiss Franc, closing at 313.18.
- Notably, PKR gained 1.52 paisa against the Japanese Yen, closing at 1.8532.
- The Chinese Yuan observed a marginal decline, closing at 38.7.
- Other notable fluctuations include the Saudi Riyal and the U.A.E Dirham.
YEARLY PERFORMANCE AND MARKET INDICATORS
Throughout the current financial year, PKR has demonstrated an appreciable trend against the US Dollar, witnessing an increase of 7.35 rupees or 2.64%. Similarly, within the calendar year, PKR appreciated by 3.22 rupees or 1.16%, marking significant shifts in market dynamics and investor confidence.
Money market, benchmark 6-month Karachi Interbank Bid and Offer rates showcased a slight uptick by 21 bps to 21.2% and 21.45%, respectively. These indicators provide valuable insights into the prevailing monetary landscape, guiding financial strategies and investment decisions.
