PKR INTERBANK TRADING SNAPSHOT:

In Thursday’s interbank session, the Pakistani rupee (PKR) continued its upward trajectory, appreciating by 12.16 paisa against the US dollar. The closing rate for the day settled at PKR 279.98 per USD, showcasing a notable improvement from the previous session’s closing rate of PKR 280.1 per USD. Throughout the trading day, the currency experienced an intraday high (bid) of 280.25 and a low (ask) of 279.75.

OPEN MARKET RATES:

In the open market, Exchange Companies quoted competitive rates, with the dollar listed at 279 for buying and 281 for selling.

In the latest currency market update, the Pakistani Rupee (PKR) exhibited varied movements against major currencies. Against the Euro, PKR faced a marginal setback, losing 23.18 paisa and closing at 304.67, compared to the previous value of 304.44.

The British Pound, on the other hand, strengthened, becoming 72.8 paisa more expensive and concluding at 355.24, up from 354.51 a day ago.

The Swiss franc recorded losses of 1.12 rupees, closing at 323.66 versus the previous session’s 324.77.

In other currency dynamics, PKR experienced minor fluctuations. Against the Japanese Yen, a nominal loss of 0.01 paisa occurred, closing at 1.8941 compared to 1.894 from the previous day. The Chinese Yuan saw a decrease of 1.55 paisa, closing at 38.9 against 38.92 in the previous session.

The Saudi Riyal closed at 74.65, with a slight loss of 3.24 paisa from its previous value of 74.68. Similarly, the U.A.E Dirham decreased by 3.21 paisa, shifting from 76.23 a day ago to 76.26.

It’s noteworthy that during the current financial year, PKR has appreciated against the Dollar by 6.01 rupees or 2.15%, while the calendar year has seen a smaller appreciation of 1.88 rupees or 0.67%.

In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates remain stable at 20.48 and 20.73%. Additionally, the recent Pakistan Investment Bonds (PIB) auction conducted by the State Bank of Pakistan (SBP) witnessed yields dropping by up to 50 basis points. Market participants attribute this decline to the expectation that interest rates, which are believed to have peaked, are anticipated to decrease in the coming months.

MARKET NEWS

Pakistan has decided to recall its ambassador from Iran and suspend all ongoing or planned high-level visits between the two countries. The decision follows what the Foreign Office (FO) termed an “unprovoked violation of its airspace” by Tehran. Iran, however, asserts that it targeted an “Iranian terrorist group” and emphasizes that no Pakistani nationals were harmed.

Pakistan’s Real Effective Exchange Rate (REER), a vital indicator of a currency’s value against a weighted average of various foreign currencies, has experienced a slight increase. Data released by the State Bank of Pakistan (SBP) on Wednesday revealed a REER of 98.86 in December 2023, up from 98.27 in November 2023.

Pakistan’s current account has posted a substantial surplus of $397 million in December 2023, a stark contrast to the $15 million deficit recorded in November. This positive shift is attributed to increased exports and remittances, coupled with a marginal decline in imports.

The United Arab Emirates (UAE) has officially confirmed the extension of its two deposits, each amounting to US$1.0 billion, placed with the State Bank of Pakistan. These deposits, originally set to mature in January 2024, will now undergo a rollover for another one year.

State Bank of Pakistan (SBP) has formally acknowledged the second installment of SDR 528 million, or a substantial $705.6 million, from the International Monetary Fund (IMF).

Gold Price Pakistanmarket today: the price of 24-karat gold in Pakistan experienced a significant drop, plummeting by Rs2,000 per tola to reach Rs215,300.

 

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