USD to PKR interbank closing: Pakistani rupee gains vs dollar

WEB DESK: The Pakistani rupee (PKR) displayed strength at the beginning of the week, gaining approximately 53 paisa against the US dollar (USD) in Monday’s interbank session.

The closing rate settled at PKR 285.97, an improvement from the previous day’s PKR 286.5 per USD.

Interbank closing #ExchangeRate for todayhttps://t.co/nc62s3hAjv#SBPExchangeRate pic.twitter.com/s5iBG7ouvf

— SBP (@StateBank_Pak) November 20, 2023

During the trading day, the Pakistani currency reached an intraday high (bid) of Rs286.79 and a low (ask) of Rs286.25.

In the open market, the PKR gained 50 paisa, with exchange companies quoting the dollar at Rs287.5 for buying and Rs288.5 for selling.

This compares to the previous closing rates of Rs288 for buying and Rs289 for selling.

This positive trend follows the successful staff-level agreement between the International Monetary Fund (IMF) and Pakistani authorities on the first review under Pakistan’s Stand-By Arrangement (SBA).

Pending approval by the IMF’s Executive Board, the agreement will provide Pakistan access to SDR 528 million, equivalent to approximately $700 million. This will bring the total disbursements under the programme to nearly $1.9 billion.

According to the IMF statement released yesterday, key priorities under the SBA include strengthening macroeconomic sustainability and creating conditions for balanced growth.

Policy priorities for Pakistani authorities involve returning to a market-determined exchange rate and rebuilding foreign exchange reserves.

In comparison to major currencies, the PKR depreciated against the Euro by Rs2.12, closing at Rs312.36 compared to the previous value of Rs310.25.

Read more: Gold price remains stable in Pakistan 

The British Pound became more expensive by Rs2.22, closing at Rs357.02 compared to Rs354.8 from the previous day. The Swiss franc saw gains of Rs1.14, closing at Rs323.33 compared to Rs322.2 from the previous session.

Against the Japanese yen, the PKR lost 1.65 paisa, closing at Rs1.921 versus Rs1.905 a day ago. The Chinese Yuan gained 29.7 paisa, closing at Rs39.8292 against Rs39.5322 from the previous session.

The Saudi Riyal closed at Rs76.25, experiencing a loss of 14.43 paisa from its value of 76.39 a day ago. The UAE dirham decreased in value by 14.33 paisa from 78.003 a day ago to 77.859.

During the current financial year, the PKR has depreciated against the dollar by 0.02 rupees, or 0.01 per cent. In the current calendar year, PKR has depreciated by Rs59.54, or 20.82 per cent.

In the money market, the benchmark 6-month Karachi Interbank bid and offer rates increased by 3 basis points to 20.99 per cent and 21.24 per cent, respectively.