USD TO PKR: On Thursday, the Pakistani rupee (PKR) appreciated slightly by 9.39 paisa against the US dollar in the interbank market. The currency settled at PKR 278.41 per USD, compared to the previous session’s closing of PKR 278.50 per USD.
INTRADAY TRADING RANGE
During the day, the PKR hit an intraday high of PKR 278.50 (bid) and a low of PKR 278.25 (ask). In the open market, exchange companies quoted the dollar at PKR 279.05 for buying and PKR 280.50 for selling.
CURRENCY MOVEMENTS AGAINST MAJOR CURRENCIES
EURO
The PKR lost 45.51 paisa against the Euro, closing at PKR 302.01 compared to PKR 301.56 in the previous session.
BRITISH POUND
The British Pound became more expensive by 24.09 paisa, closing at PKR 359.06 versus PKR 358.82 a day earlier.
SWISS FRANC
The Swiss franc gained 3.41 rupees, closing at PKR 316.12, up from PKR 312.71 from the previous session.
JAPANESE YEN
Against the Japanese Yen, the PKR lost 2.67 paisa, closing at PKR 1.8281 compared to PKR 1.8014 a day ago.
CHINESE YUAN
The Chinese Yuan appreciated by 25.24 paisa, closing at PKR 38.53, up from PKR 38.28 in the previous session.
SAUDI RIYAL
The Saudi Riyal closed at PKR 74.21, losing 3.1 paisa from the previous value of PKR 74.24.
U.A.E DIRHAM
The U.A.E Dirham decreased by 2.56 paisa, closing at PKR 75.82 compared to PKR 75.80 a day earlier.
MONEY MARKET UPDATE
INTERBANK RATES
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates fell by 31 basis points to 19.18% and 19.43%, respectively. This decline follows the central bank’s recent auction of Market Treasury Bills (MTBs), where yields decreased by up to 56 basis points.
SPECULATIONS ON RATE CUTS
The drop in yields is attributed to growing speculation about a potential rate cut by the central bank in its upcoming Monetary Policy Committee (MPC) meeting scheduled for July 29, 2024. Such a cut could influence market dynamics and affect currency and interest rates further.
The latest movements in currency exchange rates and money market trends reflect ongoing economic adjustments and market anticipations. Stay tuned for further updates on these developments.
