USD TO PKR INTERBANK RATE: Tuesday’s interbank trading, the value of the Pakistani rupee (PKR) decreased by 1 paisas in relation to the US dollar, finishing at PKR 280.25 from PKR 280.24 a day earlier.
OPEN MARKET RATES: Exchange Companies set the buying rate for the dollar at 279 and the selling rate at 281. A day earlier Exchange Companies set the buying rate for the dollar at 280.5 and the selling rate at 283.5.
Interbank closing #ExchangeRate for todayhttps://t.co/fSwL106WGO#SBPExchangeRate pic.twitter.com/SicQqcbBRg
— SBP (@StateBank_Pak) January 16, 2024
In a momentous development, the International Monetary Fund (IMF) Executive Board has successfully concluded the first review of Pakistan’s economic reform program, supported by the IMF’s Stand-by Arrangement (SBA). This pivotal approval has triggered an immediate disbursement of SDR 528 million, approximately $700 million, marking a substantial total disbursement under the SBA of $1.9 billion. The green light from the IMF has significantly bolstered investor confidence in the economy, contributing to the Pakistani Rupee’s upward trajectory against the US Dollar.
However, despite the stabilization of economic activity, the IMF has underscored that the outlook remains challenging and contingent on the effective implementation of sound policies. The successful review is a positive step, but ongoing diligence in policy execution is crucial for sustaining and further enhancing economic stability.
PKR AGAINST MAJOR CURRENCIES
- Relative to major currencies, the Pakistani Rupee (PKR) showed the following changes:- Against the Euro, PKR gained 1.17 rupees, closing at 305.92 compared to the previous value of 307.09.
– The British Pound became more affordable by 2.15 rupees, closing at 355.06 compared to 357.21 from the previous day.
– The Swiss Franc experienced losses of 2.48 rupees, closing at 326.23 compared to 328.71 from the previous session.
– Against the Japanese Yen, PKR gained 0.96 paisa, closing at 1.9181 versus 1.9277 a day ago.
– The Chinese Yuan lost 6 paisa, closing at 39.01 against 39.07 from the previous session.
– The Saudi Riyal closed at 74.73 with a gain of 0.23 paisa from its value of 74.72 a day ago.
– The U.A.E Dirham increased in value by 0.44 paisa, rising from 76.31 to 76.3.In the current financial year, PKR has appreciated against the Dollar by 5.74 rupees or 2.05%, while the current calendar year has seen PKR appreciate by 1.61 rupees or 0.58%.In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates slightly decreased by 6 basis points to 20.52 and 20.77%.
