The Pakistani Rupee (PKR) witnessed a slight appreciation against the US Dollar in Thursday’s interbank session, signaling positive developments in the country’s forex market. Here are the key highlights from the day’s trading session and recent IMF agreement:
- In the interbank session, the PKR settled the trade at PKR 278.03 per USD, marking a marginal appreciation from the previous session’s closing of PKR 278.04 per USD. The currency saw an intraday high (bid) of 278.1 and a low (ask) of 278.
- In the open market, exchange companies quoted the dollar at PKR 278.09 for buying and PKR 280.73 for selling, reflecting the prevailing exchange rates outside the formal banking system.
PKR INTERBANK EXCHANGE RATES ON MARCH 28, 2024
| Country (Symbol) | Rate |
|---|---|
| United States (USD) | 278.03 |
| Eurozone (EUR) | 300 |
| United Kingdom (GBP) | 350.59 |
| Japan (JPY) | 1.8364 |
| United Arab Emirates (AED) | 75.71 |
| Saudi Arabia (SAR) | 74.13 |
| Australia (AUD) | 180.72 |
| Canada (CAD) | 204.45 |
IMF AGREEMENT BOOSTS FOREIGN EXCHANGE RESERVES
- Pakistan’s foreign exchange reserve account is poised to receive a significant boost following a staff-level agreement with the International Monetary Fund (IMF) for access to SDR 828 million, equivalent to around $1.1 billion.
- The agreement acknowledges the commendable program implementation by the State Bank of Pakistan and the caretaker government in recent months, as well as the new government’s commitment to ongoing policy and reform efforts aimed at transitioning Pakistan from stabilization to a robust and sustainable recovery.
IMF BOARD REVIEW EXPECTED IN LATE APRIL
- The IMF’s press release anticipates the review of the staff-level agreement by the IMF’s Board to occur in late April. This timing, coinciding with the formation of the new cabinet, underscores the importance of the review in shaping Pakistan’s economic trajectory and reform agenda.
The marginal appreciation of the Pakistani Rupee against the US Dollar, coupled with the IMF agreement, reflects positive developments in Pakistan’s forex market and broader economic outlook. Investors and stakeholders alike remain vigilant as they monitor the implications of these developments on the country’s economic stability and growth prospects.
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Various sources provide exchange rates for currencies against the Pakistani Rupee (PKR):
1. Exchange Companies Association of Pakistan (Open market rates):
– USD: Buying – PKR 278.15, Selling – PKR 280.90
– EUR: Buying – PKR 299.25, Selling – PKR 302.35
– GBP: Buying – PKR 349.20, Selling – PKR 352.65
– JPY: Buying – PKR 1.81, Selling – PKR 1.90
– AED: Buying – PKR 75.45, Selling – PKR 76.20
– SAR: Buying – PKR 73.70, Selling – PKR 74.45
– CAD: Buying – PKR 203.00, Selling – PKR 206.00
– AUD: Buying – PKR 179.00, Selling – PKR 182.00
2. National Bank of Pakistan (NBP) provides rates for:
– USD: Buying – PKR 275.22, Selling – PKR 281.29
– EUR: Buying – PKR 298.42, Selling – PKR 304.44
– GBP: Buying – PKR 347.59, Selling – PKR 355.27
– JPY: Buying – PKR 1.8187, Selling – PKR 1.8588
3. Treasury Management Division of NBP (TT Selling and TT Buying):
– USD: TT Selling – PKR 278.50, TT Buying – PKR 278.00
– EUR: TT Selling – PKR 301.99, TT Buying – PKR 301.44
– GBP: TT Selling – PKR 351.75, TT Buying – PKR 351.12
– JPY: TT Selling – PKR 1.8404, TT Buying – PKR 1.8371
4. Frozen foreign currency deposits conversion rates:
– USD: PKR 277.9725
– EUR: PKR 300.8496
– GBP: PKR 350.8569
– JPY: PKR 1.8324
5. Financial Markets Association of Pakistan (Forward cover conversion rates for SBP settlement date: April 01, 2024):
– USD: PKR 277.9725
– EUR: PKR 300.8496
– GBP: PKR 350.8569
– JPY: PKR 1.8324
