PKR rises over 6 paisa against the USD

The Pakistani rupee (PKR) continued its upward trend on Tuesday, strengthening by more than 6 paisas versus the US dollar to close at PKR 281.22 per USD, up from PKR 281.28 per USD at the end of the previous session.

The Currency experienced a low (ask) of 281.4 and a high (bid) of 281.43 during the day.

Exchange Companies quoted the dollar at 280.07 for purchasing and 282.34 for selling on the open market.

The home team has now won five straight after snapping a 13-day winning streak against the greenback.

It is important to remember that the domestic currency continued its rising trend for the eighth consecutive week as it ended the first week of 2024.

The anticipation of the International Monetary Fund (IMF) approving the second loan tranche, valued at $700 million, has contributed to the favorable market sentiments that are still supporting the local currency.

It is important to note that Pakistan is on the agenda for the January 11, 2024, IMF conference.

Furthermore, the nation's trade deficit decreased dramatically by 13.43% MoM and 40.13% YoY in December, according to the most recent trade data provided by the Pakistan Bureau of Statistics (PBS).
A notable 9.29% MoM increase in exports and a small but significant 0.55% MoM decrease in imports are responsible for the improvement in the trade deficit.

The rupee dropped 55 paisa versus the euro relative to other major currencies, finishing at 308.11 from 307.56 earlier.

The British Pound closed at 358.36, up 1.1 rupees from the previous day's 357.26.

The Swiss franc closed at 331.71, up 1.17 rupees from the previous session's close of 330.53.

PKR shed 0.65 paisa vs the Japanese Yen, closing at 1.952 versus 1.9455 the previous day.

The Chinese Yuan closed at 39.29, up 1.56 paisa from the previous session's close of 39.27.

The Saudi Riyal ended the day at 74.99, down 1.48 paisa from its opening value of 75.

The value of the U.A.E. Dirham dropped from 76.57 to 76.59 a day ago, a loss of 1.71 paisa.

The value of the rupee has increased by 4.77 rupees, or 1.7%, compared to the US dollar during the current fiscal year. However, the value of the PKR has increased by 63.87 paisa, or 0.23%, this year.

The benchmark 6-month Karachi Interbank Bid and Offer rates in the money market decreased by 2 basis points to 21.1 and 21.35%.