Pakistani rupee extends losing streak, weakens by around 76 paisa against greenback
By MG News | July 19, 2023 at 05:20 PM GMT+05:00
July 19, 2023 (MLN): The Pakistani rupee (PKR) extended its downward trajectory by depreciating around 76 Paisa against the US dollar in Wednesday's interbank session as the currency settled the trade at PKR 283.80 per USD, compared to the previous session's closing of PKR 283.04 per USD.
The currency saw an intraday high (bid) of 284.5 and a low (ask) of 284.
In the open market, Exchange Companies quoted the dollar at 286 for buying and 289 for selling.
As per the Staff Report issued by the International Monetary Fund (IMF) on Tuesday, the exchange rates between Pakistani rupees and foreign currencies shall be determined free from any formal or informal influence.
This is a significant development for the domestic currency as it would lead to a fair exchange rate and will determine the true value of the currency.
"Once proper market functioning is restored, the board is committed to maintaining the average premium between the interbank and open market rate at no more than 1.25% and no less than 1.25% during any consecutive 5 business day period (continuous SB)," the report further reads.
In comparison to major currencies, PKR lost 18.92 paisa against the Euro, closing at 318.55 compared to the previous value of 318.36.
The British Pound became cheaper by 2.71 rupees closing at 367.62 compared to 370.33 from a day ago.
The Swiss franc saw gains of 77.13 paisa, closing at 330.52 compared to 329.75 from the previous session.
Against the Japanese Yen, PKR gained 1.43 paisa, closing at 2.034 versus 2.049 a day ago.
The Chinese Yuan lost 13.65 paisa, closing at 39.32 against 39.46 from the previous session.
The Saudi Riyal increased in value by 20.83 paisa from 77.057 a day ago to 77.266.
The U.A.E Dirham closed at 75.65 with a gain of 20.79 paisa from its value of 75.44 a day ago.
During the current financial year, PKR has appreciated against the Dollar by 2.19 rupees or 0.77%. While the current calendar year has seen PKR depreciate by 57.37 rupees or 20.22%.
In the Money Market, the benchmark 6-Month Karachi Interbank Bid and Offer rates inched up by 10 bps to 22.76% and 23.01%.
Performance Summary
| Currency | Jul 19, 2023 | Jul 18, 2023 | Change | 1 Month | FYTD | CYTD | 1 Day % | 7 Day % | 1 Month % | MTD % | FYTD % | CYTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 283.80 | 283.04 | -0.76 | 3.45 | 2.19 | -57.37 | -0.27 | -2.23 | 1.22 | 0.77 | 0.77 | -20.22 |
| EUR | 318.55 | 318.36 | -0.19 | -4.64 | -5.62 | -77.25 | -0.06 | -3.97 | -1.46 | -1.76 | -1.76 | -24.25 |
| GBP | 367.62 | 370.33 | 2.71 | 0.45 | -3.48 | -94.55 | 0.74 | -2.31 | 0.12 | -0.95 | -0.95 | -25.72 |
| CHF | 330.52 | 329.75 | -0.77 | -9.28 | -10.76 | -85.50 | -0.23 | -4.43 | -2.81 | -3.26 | -3.26 | -25.87 |
| JPY | 2.03 | 2.05 | 0.014 | -0.0085 | -0.04 | -0.32 | 0.70 | -2.32 | -0.42 | -2.06 | -2.06 | -15.76 |
| SAR | 75.65 | 75.44 | -0.2079 | 0.94 | 0.60 | -15.44 | -0.27 | -2.22 | 1.24 | 0.80 | 0.80 | -20.42 |
| AED | 77.27 | 77.056 | -0.2083 | 0.95 | 0.60 | -15.61 | -0.27 | -2.23 | 1.22 | 0.77 | 0.77 | -20.21 |
| CNY | 39.32 | 39.45 | 0.13 | 0.81 | 0.35 | -6.75 | 0.35 | -1.86 | 2.06 | 0.89 | 0.89 | -17.18 |
52 Week Performance
| Currency | High | Low | Trading Band | % Since High | % Since Low | High Date | Low Date | Days Since High | Days Since Low |
|---|---|---|---|---|---|---|---|---|---|
| USD | 213.90 | 298.93 | 85.03 | -24.63 | 5.33 | 16-Aug-22 | 11-May-23 | 337 | 69 |
| EUR | 211.28 | 326.85 | 115.57 | -33.68 | 2.61 | 11-Oct-22 | 11-May-23 | 281 | 69 |
| GBP | 240.03 | 376.33 | 136.30 | -34.71 | 2.37 | 11-Oct-22 | 11-May-23 | 281 | 69 |
| CHF | 217.64 | 334.22 | 116.59 | -34.15 | 1.12 | 11-Oct-22 | 11-May-23 | 281 | 69 |
| JPY | 1.47 | 2.2 | 0.75 | -27.86 | 9.02 | 21-Oct-22 | 11-May-23 | 271 | 69 |
| SAR | 56.97 | 79.71 | 22.73 | -24.69 | 5.36 | 16-Aug-22 | 11-May-23 | 337 | 69 |
| AED | 58.23 | 81.41 | 23.17 | -24.63 | 5.36 | 16-Aug-22 | 11-May-23 | 337 | 69 |
| CNY | 30.07 | 43.09 | 13.02 | -23.52 | 9.59 | 25-Oct-22 | 11-May-23 | 267 | 69 |
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