The Pakistani Rupee (PKR) has remarkably secured its 12th consecutive weekly victory against the US Dollar, appreciating by 18.45 paisa this week to close at PKR 279.41. This upward trajectory comes after the Rupee ended the previous week at PKR 279.59 per USD, showcasing its steadfast resilience in the forex market.

TODAY’S MARKET DYNAMICS

In the latest trading session, the Rupee further strengthened by 6.81 paisa, oscillating between an intraday high of 279.7 and a low of 279.5. Exchange companies in the open market have set the dollar’s purchase and sale prices at 280 and 281, respectively.

ECONOMIC INDICATORS AND INFLATION INSIGHTS

JANUARY’S INFLATION SNAPSHOT

The consumer price index (CPI) for January 2024 surged to 28.34% year-on-year, surpassing estimates and highlighting the ongoing inflationary pressures within the economy.

THE RUPEE’S RALLY IN JANUARY 2024

Kicking off 2024 on a positive note, the Rupee notched a gain of 0.84% or 2.36 rupees against the Dollar, closing the month at Rs279.5. This optimism stems from a confluence of improved macroeconomic conditions, including enhanced foreign exchange liquidity, tightened monetary regulations, and a balance of payments surplus fuelled by reduced import demands.

PKR EXCHANGE RATES 

PKR AGAINST MAJOR CURRENCIES

  • Euro: The Rupee depreciated by 2.71 rupees, closing at 304.1.
  • British Pound: Saw a rise in cost by 2.93 rupees, ending at 356.46.
  • Swiss Franc: Gained 2.6 rupees, concluding at 325.94.
  • Japanese Yen: Minimal loss of 0.06 paisa, with a close of 1.906.
  • Chinese Yuan: Improved by 1.57 paisa, finishing at 38.9171.
  • Saudi Riyal and U.A.E Dirham: Experienced slight adjustments in value.

FINANCIAL YEAR AND CALENDAR YEAR PERFORMANCE

Throughout the current financial year, the PKR has appreciated by 6.58 rupees or 2.36% against the Dollar, with the calendar year witnessing an 0.88% appreciation.

BANKING AND FINANCIAL OPERATIONS

INTEREST RATES AND MARKET INJECTIONS

The Karachi Interbank Bid and Offer rates experienced a slight uptick, while the State Bank of Pakistan (SBP) engaged in significant Open Market Operations (OMO), injecting a total of Rs8.93 trillion into the market to maintain liquidity and stabilize financial conditions.

CONCLUSION: NAVIGATING THROUGH ECONOMIC WINDS

The Pakistani Rupee’s PKR continued ascent against the US Dollar underscores the nation’s evolving economic landscape and the central bank’s strategic manoeuvres in the financial market. Amidst inflationary challenges and global economic uncertainties, Pakistan’s currency performance and monetary policies reflect a cautiously optimistic outlook for the country’s economic stability and growth.

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