5th consecutive gain: rupee closes at Rs283.21 against dollar

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WEB DESK: In Monday’s interbank session, the Pakistani rupee (PKR) demonstrated resilience, appreciating by 4.77 paisa against the US dollar (USD).

The local currency settled the trade at PKR 283.21, marking a slight improvement compared to the previous day’s closing rate of PKR 283.26 per USD.

Throughout the trading day, the local unit witnessed an intraday high (bid) of Rs284.05 and a low (ask) of Rs284.25.

In the open market, exchange companies quoted the dollar at Rs284.5 for buying and Rs286.5 for selling.

Last week, the PKR extended its winning streak against the USD to five weeks, gaining 61 paisa at the close.

This positive trend is attributed to the successful staff-level agreement (SLA) reached between the International Monetary Fund (IMF) and Pakistani authorities during the first review under the Stand-By Arrangement (SBA).

Pending approval by the IMF’s Executive Board, this agreement is expected to grant Pakistan access to SDR 528 million, or approximately $700 million.

PKR vs global currencies

In comparison to major currencies, the Pakistani currency made notable gains. Against the Euro, PKR appreciated by Rs2.03, closing at Rs309.35 compared to the previous value of Rs311.39.

The British Pound became cheaper by Rs2.02, closing at Rs359.54 compared to Rs361.55 a day ago. The Swiss franc saw losses of 54.4 paisa, closing at Rs326.11 compared to Rs326.65 from the previous session.

Against the Japanese yen, the PKR gained 0.51 paisa, closing at Rs1.989 versus Rs1.994 a day ago.

However, the Chinese Yuan lost 15.12 paisa, closing at Rs39.7114 against Rs39.8626 from the previous session.

In terms of other international currencies, the Saudi Riyal closed at Rs75.49, experiencing a marginal loss of 1.28 paisa from its value of Rs75.5 a day ago.

Similarly, the UAE dirham decreased in value by 1.41 paisa, moving from Rs77.127 a day ago to Rs77.113.

During the current financial year, the PKR has appreciated against the dollar by Rs2.78, or 0.98 per cent.

However, in the context of the calendar year, the PKR has depreciated by Rs56.78, or 20.05 per cent.

In the money market, the benchmark 6-month Karachi Interbank bid and offer rates experienced a slight decline of 4 basis points, settling at 21.22 per cent and 21.47 per cent.

This nuanced market movement reflects the ongoing dynamics within Pakistan’s financial landscape.

Read next: SBP keeps policy rate unchanged at 22%


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