January 02, 2024 (MLN): The Pakistani rupee (PKR) snapped its 13-day-long winning streak by depreciating 3.37 paisa against the US dollar in Tuesday's interbank session and settled at PKR 281.89 per USD, compared to the previous session's closing of PKR 281.86 per USD.
The currency saw an intraday high (bid) of 282.25 and a low (ask) of 281.74.
In the open market, Exchange Companies quoted the dollar at 280.5 for buying and 283.5 for selling.
The local unit was on an upward spree due to the successful staff-level agreement (SLA) between the IMF and Pakistani authorities during the first review under the Stand-By Arrangement (SBA).
The upward momentum was further buoyed by the favorable trade numbers for November which showed a surplus of $9 million and a substantial surge in foreign investment.
Moreover, the latest trade numbers released by the Pakistan Bureau of Statistics (PBS) have showed that the trade deficit reduced significantly by 13.43% MoM and 40.13% YoY in December.
It is crucial to note that the local unit concluded 2023 as one of Asia’s worst-performing currencies, plummeting by 55.43 rupees or 19.67% against the US Dollar.
This is far worse than the 5-year average depreciation of 12.92% and 10-year average depreciation of 8.95%.
In comparison to major currencies, PKR gained 68.15 paisa against the Euro, closing at 310.82 compared to the previous value of 311.5.
The British Pound became expensive by 74.77 paisa closing at 359.34 compared to 358.6 from a day ago.
The Swiss franc saw losses of 1.31 rupees, closing at 333.76 compared to 335.07 from the previous session.
Against the Japanese Yen, PKR lost 0.28 paisa, closing at 1.9923 versus 1.9895 a day ago.
The Chinese Yuan lost 10.5 paisa, closing at 39.53 against 39.63 from the previous session.
The Saudi Riyal closed at 75.17 with a gain of 0.7 paisa from its value of 75.16 a day ago.
The U.A.E Dirham increased in value by 1.34 paisa from 76.76 a day ago to 76.74.
During the current financial year, PKR has appreciated against the Dollar by 4.1 rupees or 1.45%. While the current calendar year has seen PKR depreciate by 3.37 paisa or 0.01%.
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates inched down by 1 bps to 21.23 and 21.48%.
The State Bank of Pakistan (SBP) conducted a reverse repo and Shariah-Compliant Modarabah Open Market Operation (OMO) today, in which it cumulatively injected a total of Rs660.4 billion into the market.
Out of the total amount injected, Rs574.4bn was through reverse repo OMO.
Meanwhile, the remaining Rs86bn was through Shariah-compliant Modarabah-based OMO.
Performance Summary
Currency | Jan 02, 2024 | Dec 29, 2023 | Change | 1 Month | FYTD | CYTD | 1 Day | 7 Day | 1 Month | MTD | FYTD | CYTD |
---|---|---|---|---|---|---|---|---|---|---|---|---|
USD | 281.8944 | 281.8607 | -0.0337 | 3.0712 | 4.0961 | -0.0334 | -0.01% | 0.17% | 1.09% | -0.01% | 1.45% | -0.01% |
EUR | 310.8168 | 311.4983 | 0.6815 | -0.3183 | 2.114 | 0.6815 | 0.22% | 0.15% | -0.1% | 0.22% | 0.68% | 0.22% |
GBP | 359.3449 | 358.5972 | -0.7477 | 0.7091 | 4.7924 | -0.7477 | -0.21% | -0.24% | 0.2% | -0.21% | 1.33% | -0.21% |
CHF | 333.7609 | 335.0698 | 1.3089 | -7.8811 | -14.0041 | 1.3089 | 0.39% | -1.16% | -2.36% | 0.39% | -4.2% | 0.39% |
JPY | 1.9923 | 1.9895 | -0.0028 | -0.0703 | 0 | -0.00279 | -0.14% | -0.41% | -3.53% | -0.14% | 0% | -0.14% |
SAR | 75.1698 | 75.1628 | -0.007 | 0.7977 | 1.0842 | -0.0069 | -0.01% | 0.13% | 1.06% | -0.01% | 1.44% | -0.01% |
AED | 76.7561 | 76.7427 | -0.0134 | 0.8405 | 1.1057 | -0.0134 | -0.02% | 0.17% | 1.1% | -0.02% | 1.44% | -0.02% |
CNY | 39.5264 | 39.6314 | 0.105 | 0.3565 | 0.1433 | 0.1049 | 0.27% | -0.03% | 0.9% | 0.27% | 0.36% | 0.27% |
52 Week Performance
Currency | High | Low | Trading Band | % Since High | % Since Low | High Date | Low Date | Days Since High | Days Since Low |
---|---|---|---|---|---|---|---|---|---|
USD | 226.935 | 307.1 | 80.1643 | -19.5% | 8.94% | 03-Jan-23 | 05-Sep-23 | 364 | 119 |
EUR | 239.154 | 332.701 | 93.547 | -23.06% | 7.04% | 06-Jan-23 | 31-Aug-23 | 361 | 124 |
GBP | 270.362 | 387.972 | 117.6101 | -24.76% | 7.97% | 06-Jan-23 | 31-Aug-23 | 361 | 124 |
CHF | 242.255 | 347.163 | 104.9084 | -27.42% | 4.02% | 06-Jan-23 | 31-Aug-23 | 361 | 124 |
JPY | 1.6921 | 2.2178 | 0.5257 | -15.07% | 11.32% | 06-Jan-23 | 11-May-23 | 361 | 236 |
SAR | 60.3586 | 81.8703 | 21.5117 | -19.7% | 8.91% | 04-Jan-23 | 05-Sep-23 | 363 | 119 |
AED | 61.7889 | 83.6089 | 21.82 | -19.5% | 8.93% | 03-Jan-23 | 05-Sep-23 | 364 | 119 |
CNY | 32.8694 | 43.0908 | 10.2214 | -16.84% | 9.02% | 03-Jan-23 | 11-May-23 | 364 | 236 |
Copyright Mettis Link News
Posted on: 2024-01-02T16:01:03+05:00