USD TO PKR INTERBANK RATE: Monday’s interbank trading, the value of the Pakistani rupee (PKR) increased by 12 paisas in relation to the US dollar, finishing at PKR280.24 from PKR PKR280.36 a day earlier.
OPEN MARKET RATES: The local currency experienced an intraday high (bid) at 280.7 and a low (ask) at 280.15. In the open market, Exchange Companies set the buying rate for the dollar at 280.5 and the selling rate at 283.5
Interbank closing #ExchangeRate for today https://t.co/saOzRHbWA0#SBPExchangeRate pic.twitter.com/ITWG8IGd9E
— SBP (@StateBank_Pak) January 15, 2024
The Pakistani Rupee (PKR) celebrated its ninth consecutive weekly victory, strengthening by 1.04 rupees against the US dollar. The currency’s stability is attributed to various factors, including increased liquidity in the foreign exchange market, stringent regulatory enforcement, a shrinking money supply, a surplus in the balance of payments due to low import demand, and a moratorium on Chinese debt repayments.
In a significant development, the International Monetary Fund (IMF) Executive Board successfully concluded the first review of Pakistan’s economic reform program, supported by the IMF’s Stand-by Arrangement (SBA). This approval unlocks an immediate disbursement of SDR 528 million, approximately $700 million, bringing the total disbursements under the SBA to a substantial $1.9 billion. This approval has significantly boosted investor confidence in the economy, contributing to the PKR’s upward trend against the US Dollar.
Despite the stabilisation of economic activity, the IMF emphasised that the outlook remains challenging and contingent on the implementation of sound policies.
PKR AGAINST MAJOR CURRENCIES
- Euro: Gained 75.96 paisa, closing at 307.09 compared to the previous 307.85.
- British Pound: Became cheaper by 97.69 paisa, closing at 357.21 compared to 358.18.
- Swiss Franc: Saw losses of 36.94 paisa, closing at 328.71 compared to 329.08.
- Japanese Yen: Gained 0.65 paisa, closing at 1.928 versus 1.934.
- Chinese Yuan: Lost 6.64 paisa, closing at 39.0727 against 39.1391.
- Saudi Riyal: Closed at 74.72 with a loss of 2.94 paisa from its value of 74.75.
- U.A.E Dirham: Decreased in value by 3.2 paisa from 76.333 to 76.301.
During the current financial year, the PKR appreciated against the Dollar by 5.75 rupees or 2.05%. In the current calendar year, PKR has appreciated by 1.62 rupees or 0.58%.
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates slightly decreased by 9 basis points to 20.58% and 20.83%.