Brief Respite: PKR Stable Against US Dollar, AED, Saudi Riyal

The Pakistani rupee (PKR) was stable against the US Dollar today after opening trade at 278 in the interbank market.

It was largely stable and closed in green against the greenback. However, it managed to post some gains against other major currencies today.

The interbank rate stayed at 278/$ most of the day before closing at the same level. Open market rates across multiple currency counters were strictly at 278 today.

The PKR appreciated by 0.004 percent to close at 278.18 after gaining one paisa against the dollar today.

On a fiscal year-to-date basis, the rupee has so far appreciated by 2.8 percent.

Overall, the rupee is down nearly Rs. 50.98 since January 2023. Since April 2022, it is down Rs. 94.98 against the greenback. As per the exchange rate movements seen during the session, the PKR gained one paisa today.

Today’s trends reflect positive news coming out of the Finance Division on current policy-level talks with the International Monetary Fund for a new and much bigger loan program.

Despite talks still at an early stage, Pakistan is expected to strike an agreement with the Washington-based lender for a new four-year program of up to $8 billion by the end of July 2024.

The PKR was stable against some of the other major currencies in the interbank market today. It was stable against the Saudi Riyal (SAR) and the UAE Dirham (AED) and gained seven paisas against the Canadian Dollar (CAD).

Meanwhile, it lost one paisa against the Australian Dollar (AUD), 11 paisas against the British Pound (GBP), and 15 paisas against the Euro (EUR) in today’s interbank currency market.

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