November 21, 2023 (MLN): The Pakistani rupee (PKR) sustained its recovery against the US Dollar, appreciating by 18 paisa against the US dollar in Tuesday's interbank session to settle at PKR 285.79, as compared to the previous day's closing of PKR 285.97 per USD.
The local unit saw an intraday high (bid) of 286.04 and a low (ask) of 286.
In the open market, the local unit gained 25 paisa as exchange companies quoted the dollar at 284.25 for buying and 287.25 for selling, compared to the previous closing of 284.5 for buying and 287.5 for selling.
This upswing follows the successful staff-level agreement (SLA) between the International Monetary Fund (IMF) and Pakistani authorities during the first review under the Stand-By Arrangement (SBA).
Pending approval by the IMF's Executive Board, the agreement will grant Pakistan access to SDR 528 million, around $700m.
This will bring the total disbursements under the program to almost $1.9 billion.
In the statement issued by the IMF on the approval, the Fund said that strengthening macroeconomic sustainability and laying the conditions for balanced growth are key priorities under the SBA.
The authorities’ policy priorities include returning to a market-determined exchange rate and rebuilding FX reserves.
While inflows following increased regulatory and law enforcement helped normalize import and FX payments and rebuild reserves, the authorities recognize that the rupee must remain market-determined to alleviate external pressures and rebuild reserves sustainably.
To support this, they plan to strengthen the transparency and efficiency of the FX market and refrain from administrative actions to influence the rupee.
It is worth mentioning that the local Rupee snapped its 17-day-long losing streak against the mighty dollar last week and appreciated by 53 paisa.
The pressure resulting from the gap between the demand and supply of dollars prevailed over the market for days and the PKR remained under pressure for four consecutive weeks.
However, as per Bloomberg's latest report, the local unit's outlook will improve following the International Monetary Fund’s preliminary approval for the release of the next loan tranche under the current $3bn loan program.
In comparison to major currencies, PKR lost 91.75 paisa against the Euro, closing at 313.28 compared to the previous value of 312.36.
The British Pound became expensive by 1.15 rupees, closing at 358.17 compared to 357.02 from a day ago.
Swiss franc saw gains of 30.82 paisa, closing at 323.64 compared to 323.33 from the previous session.
Against the Japanese Yen, PKR lost 1.76 paisa, closing at 1.939 versus 1.921 a day ago.
The Chinese Yuan gained 25.01 paisa, closing at 40.0793 against 39.8292 from the previous session.
The Saudi Riyal closed at 76.2 with a loss of 5.02 paisa from its value of 76.25 a day ago.
The U.A.E Dirham decreased in value by 4.8 paisa from 77.859 a day ago to 77.811.
During the current financial year, PKR has depreciated against the Dollar by 0.2 rupees or 0.07%. While the current calendar year has seen PKR depreciated by 59.36 rupees or 20.77%.
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates inched up by 9 bps to 21.08% and 21.33%.
Performance Summary
| Currency | Nov 21, 2023 | Nov 20, 2023 | Change | 1 Month | FYTD | CYTD | 1 Day | 7 Day | 1 Month | MTD | FYTD | CYTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 285.7894 | 285.9699 | 0.1805 | -6.9928 | 0.2011 | -59.3585 | 0.06% | 0.73% | -2.45% | -1.51% | 0.07% | -20.77% |
| EUR | 313.2824 | 312.3649 | -0.9175 | -18.0368 | -0.3516 | -71.9749 | -0.29% | -1.62% | -5.76% | -4.61% | -0.11% | -22.97% |
| GBP | 358.1656 | 357.0191 | -1.1465 | -20.2781 | 5.9717 | -85.0899 | -0.32% | -1.18% | -5.66% | -4.54% | 1.67% | -23.76% |
| CHF | 323.639 | 323.3308 | -0.3082 | -10.6657 | -3.8822 | -78.6104 | -0.10% | -1.34% | -3.30% | -3.63% | -1.20% | -24.29% |
| JPY | 1.9387 | 1.9211 | -0.0176 | -0.0794 | 0.0536 | -0.2251 | -0.91% | -2.06% | -4.10% | -3.45% | 2.76% | -11.61% |
| SAR | 76.1983 | 76.2485 | 0.0502 | -1.8763 | 0.0557 | -15.9933 | 0.07% | 0.73% | -2.46% | -1.54% | 0.07% | -20.99% |
| AED | 77.8114 | 77.8594 | 0.0480 | -1.9091 | 0.0504 | -16.1590 | 0.06% | 0.73% | -2.45% | -1.51% | 0.06% | -20.77% |
| CNY | 40.0793 | 39.8292 | -0.2501 | -1.9744 | -0.4096 | -7.5136 | -0.62% | -1.53% | -4.93% | -4.03% | -1.02% | -18.75% |
52 Week Performance
| Currency | High | Low | Trading Band | % Since High | % Since Low | High Date | Low Date | Days Since High | Days Since Low |
|---|---|---|---|---|---|---|---|---|---|
| USD | 223.416 | 307.1 | 83.6839 | -21.83% | 7.46% | 22-Nov-22 | 05-Sep-23 | 364 | 77 |
| EUR | 229.314 | 332.701 | 103.3866 | -26.80% | 6.20% | 22-Nov-22 | 31-Aug-23 | 364 | 82 |
| GBP | 264.658 | 387.972 | 123.3140 | -26.11% | 8.32% | 22-Nov-22 | 31-Aug-23 | 364 | 82 |
| CHF | 233.479 | 347.163 | 113.6843 | -27.86% | 7.27% | 22-Nov-22 | 31-Aug-23 | 364 | 82 |
| JPY | 1.5754 | 2.2178 | 0.6424 | -18.74% | 14.40% | 22-Nov-22 | 11-May-23 | 364 | 194 |
| SAR | 59.4388 | 81.8703 | 22.4315 | -21.99% | 7.44% | 22-Nov-22 | 05-Sep-23 | 364 | 77 |
| AED | 60.8257 | 83.6089 | 22.7832 | -21.83% | 7.45% | 22-Nov-22 | 05-Sep-23 | 364 | 77 |
| CNY | 31.1028 | 43.0908 | 11.9880 | -22.40% | 7.51% | 28-Nov-22 | 11-May-23 | 358 | 194 |
Copyright Mettis Link News
Posted on: 2023-11-21T15:58:25+05:00
