USD TO PKR INTERBANK RATE: Tuesday’s interbank trading, the value of the Pakistani rupee (PKR) increased by 06 paisas in relation to the US dollar, finishing at PKR281.22 from PKR PKR281.28 a day earlier.
OPEN MARKET RATES: Exchange companies quoted the dollar at 280.07 for buying and 282.34 for selling in the open market. PKR in the previous session closed at 281 for buying and 283 for selling. The change reflects an appreciation of Pakistani Rupee against the US Dollar in the open market.
The upward momentum of the PKR against the US dollar suggests a positive sentiment among market participants. Investors and businesses alike will be watching these currency trends closely as they can have implications for trade, investments, and overall economic stability.
In global financial markets, the US dollar’s recent rally took a pause as traders anticipated multiple rate cuts by the Federal Reserve in response to perceived slowing inflation in the United States. This sentiment was reinforced by the New York Fed’s Survey of Consumer Expectations, revealing a drop in short-term inflation projections among US consumers.
Bitcoin maintained its strength, reaching levels not seen since April 2022, driven by growing expectations of imminent approvals for spot bitcoin exchange-traded funds (ETFs).
The upcoming US inflation reading later in the week is expected to provide further insight into the Federal Reserve’s potential rate-cut decisions, with futures indicating a considerable easing of around 140 basis points priced in for the year.
The US dollar, measured against a basket of currencies, slightly eased by 0.08% to 102.22 after a 1% rise the previous week. Meanwhile, oil prices, indicative of currency parity, stabilized following a previous decline. Brent crude futures increased by 0.2% to $76.29 a barrel, and US West Texas Intermediate crude futures inched up 0.1% to $70.82 a barrel. Monday’s drop in oil prices was attributed to Saudi Arabia’s sharp price cuts and an increase in OPEC output, alongside concerns about Middle East tensions and demand uncertainties.
PKR AGAINST MAJOR CURRENCIES
Pkr lost 55 paisa versus the euro, closing at 308.11 versus the previous value of 307.56 in relation to major currencies.
From 357.26 a day earlier to 358.36 today, the British Pound gained 1.1 rupees in value.
After closing at 331.71 against 330.53 in the previous session, the Swiss franc saw gains of 1.17 rupees.
The Pakistan Rupee experienced a 0.65 paisa loss against the Japanese Yen, closing at 1.952 versus 1.9455 day earlier.
As compared to the previous session, the Chinese Yuan gained 1.56 paisa and closed at 39.29, up from 39.27.
A day earlier, the Saudi Riyal was trading at 75, but closed at 74.99, down 1.48 paisa.
