PKR registers only 0.92% rise against US dollar since the onset of 2024

The Pakistani rupee (PKR) maintained its upward trajectory for the 13th consecutive week, gaining 12.88 paisa against the US dollar and settling at PKR 279.28 per USD.

This positive momentum marks a notable shift from the previous week’s closing rate of PKR 279.41 per USD.

Analysing the broader financial trends, the PKR has appreciated against the US dollar by 6.71 rupees, or 2.4 per cent, during the current financial year. Looking at the calendar year, the PKR has shown a gain of 2.58 rupees, or 0.92 per cent.

Friday’s trading session witnessed the PKR displaying strength as it appreciated by over 6 paisa. The intraday high (bid) reached 279.9, while the low (ask) touched 279.6, showcasing the currency’s resilience in the face of market fluctuations.

In the open market, exchange companies quoted buying rates at 278.89 and selling rates at 281, contributing to the overall positive sentiment surrounding the PKR.

Comparatively, against major currencies, the PKR experienced a marginal loss of 26.91 paisa against the Euro, closing at 300.87.

Meanwhile, the British Pound became more affordable by 20.31 paisa, closing at 352.33. The Swiss Franc saw a decline of 1.59 rupees, closing at 318.89, and against the Japanese Yen, the PKR gained 1.71 paisa, closing at 1.8695.

In the global currency market, the Chinese Yuan lost 0.4 paisa, closing at 38.82, while the Saudi Riyal closed at 74.47, experiencing a marginal loss of 1.43 paisa. The U.A.E. dirham also saw a decrease in value of 1.57 paisa, settling at 76.05.

Shifting focus to the money market, the benchmark 6-month Karachi Interbank bid and offer rates experienced a 9 basis point increase, reaching 21.05 per cent and 21.3 per cent, respectively.

This upward movement in yields follows the State Bank of Pakistan (SBP) maintaining the policy rate at 22 per cent for the fifth consecutive meeting, contributing to the evolving financial landscape.

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