PKR appreciates by 1.05 rupees in interbank against USD

September 19, 2023 (MLN): The Pakistani rupee (PKR) sustained its upward trajectory on Tuesday, appreciating by 1.0448 rupees against the US dollar in the interbank to settle at PKR 294.9037 per USD, compared to the previous session's closing of PKR 295.9485 per USD.

The currency saw an intraday high (bid) of 295.8 and a low (ask) of 294.7.

In the open market, the local gained 50 paisa against USD as the Exchange Companies quoted the dollar at 295 for buying and 398 for selling, compared to the previous closing of 295.50 for buying and 300 for selling.

The ongoing crackdown against speculators, hoarders, and smugglers to restrict illegal dollar outflows is effectively strengthening the PKR against the USD.

Moreover, the State Bank of Pakistan (SBP) has also introduced certain reforms to consolidate and transform various types of exchange companies into a single category with a well-defined mandate and higher capital requirements.

These reforms also apply to the banks actively engaged in foreign exchange business, requiring them to establish wholly owned ECs to cater to the legitimate foreign exchange needs of the general public.

In accordance with these guidelines of the Central Bank, certain banks including MCB Bank Limited (PSX: MCB), Meezan Bank Limited (PSX: MEBL), and United Bank Limited (PSX: UBL), have decided to establish their own exchange company.

In comparison to major currencies, PKR gained 75.26 paisa against the Euro, closing at 315.629 compared to the previous value of 316.38.

The British Pound became cheaper by 1.087 rupees closing at 365.327 compared to 366.4138 from a day ago.

The Swiss franc saw losses of 98 paisa, closing at 329.17 compared to 330.15 from the previous session.

Against the Japanese Yen, PKR gained 0.64 paisa, closing at 1.9975 versus 2.0039 a day ago.

The Chinese Yuan lost 16.5 paisa, closing at 40.4183 against 40.5829 from the previous session.

The Saudi Riyal decreased in value by 24.8 paisa from 78.8975 a day ago to 78.62.

The U.A.E Dirham closed at 80.2918 with a loss of 28.22 paisa from its value of 80.574 a day ago.

During the current financial year, PKR has depreciated against the Dollar by 8.91 rupees or 3.02%. While the current calendar year has seen PKR depreciate by 68.47 rupees or 23.46%.

In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates inched down by 1 bps to 22.83% and 23.08%.

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