- Web Desk
- 2 Hours ago
Interbank closing: PKR gains 17.09 paisa against USD
- Web Desk
- Feb 22, 2024
WEB DESK: The Pakistani rupee (PKR) demonstrated a positive trend, gaining 17.09 paisa against the US dollar (USD) in the interbank session on Thursday.
The currency concluded the trade at PKR 279.33 per USD, an improvement from the previous session’s closing rate of PKR 279.5 per USD.
During the trading day, the currency reached an intraday high (bid) of 279.65 and a low (ask) of 279.55. In the open market, exchange companies set the buying rate for the dollar at 281 and the selling rate at 282.5.
Political unrest, stemming from the elections on February 8, initially caused a slight decline in the PKR against the USD.
However, the domestic unit rebounded as financial markets gained clarity following a consensus among major political parties to form a coalition government.
It is noteworthy that the Pak Rupee’s Real Effective Exchange Rate Index (REER) rose by 2.91 per cent MoM in January 2023, reaching a provisional value of 101.7, up from the revised value of 98.83 in December 2023.
On a year-on-year basis, the REER index increased by 8.24 per cent compared to January 2023.
In terms of major currencies, the PKR experienced fluctuations. Against the euro, it lost 1.3 rupees, closing at 303.36 compared to the previous value of 302.07.
The British Pound became more expensive by 1.7 rupees, closing at 354.38 compared to 352.69 the previous day. The Swiss franc gained 1.91 rupees, closing at 319.01 compared to 317.11 in the previous session.
Against the Japanese yen, PKR lost 0.03 paisa, closing at 1.8615 versus 1.8612 a day ago. The Chinese Yuan lost 2.08 paisa, closing at 38.86 against 38.88 from the previous session.
The Saudi Riyal closed at 74.48, experiencing a loss of 4.55 paisa from its value of 74.52 a day ago. The U.A.E. dirham decreased in value by 4.96 paisa from 76.05 a day ago to 76.1.
Throughout the current financial year, the PKR has appreciated against the dollar by 6.66 rupees, or 2.39 per cent. In the current calendar year, PKR has seen an appreciation of 2.53 rupees, or 0.91 per cent.
In the money market, the benchmark 6-month Karachi Interbank bid and offer rates remained steady at 21.42 per cent and 21.67 per cent, respectively.
The central bank sold Market Treasury Bills (MTBs) worth Rs361.32 billion in the recent auction, surpassing the target of Rs300 billion.
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