Tag: dollar rate today

In the latest interbank session on Tuesday, the Pakistani rupee (PKR) displayed resilience, appreciating by 9.32 paisa against the US dollar. The closing rate settled at PKR 279.55, marking a positive shift from the previous day’s closing at PKR 279.64 per USD.

During the trading day, the local currency experienced an intraday high (bid) of Rs279.66 and a low (ask) of Rs279.6. In the open market, exchange companies quoted the dollar at Rs278.71 for buying and Rs280.86 for selling.

In a significant development, the central bank opted to maintain the policy rate at 22 per cent, a decision unchanged for the fifth consecutive meeting. This decision is amidst the Pakistani rupee’s consistent upward momentum, celebrating its eleventh consecutive weekly victory against the US dollar.

Against other major currencies, the PKR demonstrated strength. It gained 29.66 paisa against the euro, closing at 302.68 compared to the previous value of 302.98. The British Pound became more affordable by 53.78 paisa, closing at 354.86 compared to 355.4 from the previous day.

The Swiss Franc witnessed gains of 45.64 paisa, closing at 324.6 compared to 324.15 from the previous session.

However, against the Japanese yen, the PKR experienced a marginal loss of 0.6 paisa, closing at 1.898 versus 1.892 a day ago. The Chinese Yuan, on the other hand, gained 0.5 paisa, closing at 38.9514 against 38.9464 from the previous session.

The Saudi Riyal closed at 74.54 with a loss of 2.58 paisa from its value of 74.57 a day ago, while the U.A.E. Dirham decreased in value by 2.54 paisa from 76.136 a day ago to 76.111.

Reflecting on the broader financial landscape, during the current financial year, the PKR has appreciated against the dollar by 6.44 rupees, or 2.3 per cent. Meanwhile, the current calendar year has witnessed the PKR appreciate by 2.31 rupees, or 0.83 per cent.

In the money market, the benchmark 6-month Karachi Interbank bid and offer rates experienced a modest increase of 13 basis points, reaching 20.58 per cent and 20.83 per cent, respectively.

In Monday’s trading session, the Pakistani rupee experienced a slight decline of 0.02 per cent against the US dollar in the inter-bank market, closing at Ra279.64, reflecting a decrease of Re0.05, according to the State Bank of Pakistan (SBP).

The previous week saw the rupee’s 11th consecutive week of appreciation, gaining Re0.31, or 0.11 per cent, to settle at Rs279.59 against the US dollar. 

This consistent uptrend was attributed to the approval of the second tranche of $705.6 million in the $3 billion Stand-by Arrangement (SBA) from the International Monetary Fund (IMF).

The positive impact of the IMF inflow was evident in the foreign exchange reserves held by the SBP. 

Meanwhile, Caretaker Prime Minister Anwaar-ul-Haq Kakar instructed the Ministry of Energy to develop a comprehensive plan, in consultation with the Finance Ministry, to address and reduce the circular debt in the power and gas sectors.

In a significant move, the SBP announced plans to revamp the foreign exchange trading system by introducing a centralised foreign exchange (FX) trading platform named “FX Matching” for the interbank FX market.

On the global front, the US dollar maintained a stable position as investors assessed US economic data ahead of the Federal Reserve policy meeting scheduled for the week. 

Geopolitical tensions in the Middle East contributed to a cautious risk sentiment among investors.

In the inter-bank market on Thursday, the Pakistani rupee maintained its stability against the US dollar, closing at Rs279.67, according to the State Bank of Pakistan (SBP).

This follows a positive trend observed on Wednesday when the rupee gained ground, settling at the same rate of Rs279.67 against the US dollar, as reported by the SBP.

Caretaker Prime Minister Anwaar-ul-Haq Kakar has taken a significant step by directing the Ministry of Energy to collaborate with the Finance Ministry. 

The goal is to formulate and present a comprehensive and sustainable plan aimed at reducing the circular debt plaguing the power and gas sectors.

On the global front, the US dollar exhibited stability, maintaining a six-week high on Thursday. Investors are keenly awaiting key data releases, including GDP figures, to gain insights into the direction of US interest rates. 

Concurrently, the euro softened in anticipation of the European Central Bank’s policy meeting later in the day.

Recent data revealed an uptick in US business activity for January, coupled with a noticeable easing of inflation. 

The measure of prices charged by companies for their products recorded a decline to the lowest level in over 3-1/2 years.

The dollar index, gauging the US currency against six major rivals, experienced a marginal rise of 0.06 per cent, reaching 103.33. 

This follows a 0.2 per cent drop on Tuesday as traders consolidated positions ahead of the upcoming Federal Reserve policy meeting next week.