KARACHI, April 4, 2024 (MMF): The Pakistani rupee (PKR) witnessed a marginal depreciation of 1.21 paisa against the US dollar in Thursday’s interbank session, settling the trade at PKR 277.93 per USD. This compares to the previous session’s closing rate of PKR 277.92 per USD.

During the day, the currency saw an intraday high (bid) of 278.1 and a low (ask) of 278 in the interbank market. In the open market, exchange companies quoted the dollar at PKR 277 for buying and PKR 278 for selling.


Country (Symbol)Rate
United States (USD)277.93
Eurozone (EUR)301.75
United Kingdom (GBP)351.97
Japan (JPY)1.8323
United Arab Emirates (AED)75.68
Saudi Arabia (SAR)74.10
Australia (AUD)183.21
Canada (CAD)205.71

Prime Minister Shehbaz Sharif announced a significant development, stating that Pakistan is set to receive the final loan tranche worth approximately $1.1 billion from the International Monetary Fund (IMF) this month. He added that Finance Minister Muhammad Aurangzeb will hold discussions with IMF officials to negotiate the terms of a new program, expected to entail stringent conditions.

In comparison to major currencies:

  • PKR lost 2.4 rupees against the Euro, closing at 301.75 compared to the previous value of 299.34.
  • The British Pound appreciated by 2.73 rupees, closing at 351.97 compared to 349.24 from the previous day.
  • The Swiss Franc gained 55.34 paisa, closing at 306.53 compared to 305.97 from the previous session.
  • Against the Japanese Yen, PKR marginally lost 0.02 paisa, closing at 1.8323 versus 1.8321 a day ago.
  • The Chinese Yuan gained 1.23 paisa, closing at 38.42 against 38.41 from the previous session.
  • The Saudi Riyal closed at 74.1 with a gain of 0.23 paisa from its value of 74.1 a day ago.
  • The U.A.E Dirham increased in value by 0.95 paisa, from 75.68 a day ago to 75.67.

In the current financial year, PKR has appreciated against the Dollar by 8.06 rupees or 2.9%. Meanwhile, in the current calendar year, PKR has appreciated by 3.93 rupees or 1.41%.

In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates inched up by 1 bps to 21.42% and 21.67%. Additionally, the State Bank of Pakistan (SBP) conducted an auction yesterday, selling Market Treasury Bills (MTBs) worth Rs557.63 billion for 3, 6, and 12 months against a target of Rs225bn. Cut-off yields for 3, 6, and 12 months were 21.6601%, 21.3999%, and 20.8998%, respectively, depicting a rise of 101bps in 6-month yields, while 3-month and 12-month yields remained unchanged.


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