September 13, 2023 (MLN): The Pakistani rupee (PKR) appreciated by 1.07 rupees against the US dollar in Wednesday's interbank session as the currency settled the trade at PKR 298.82 per USD, compared to the previous session's closing of PKR 299.89 per USD.
The currency saw an intraday high (bid) of 298.9 and a low (ask) of 298.85.
In the open market, the local unit remained stable as the Exchange Companies quoted the dollar at 297 for buying and 300 for selling.
It is worth mentioning that the PKR depreciated by 2 rupees in yesterday's open market trading session, following an appreciation of 29 rupees in just six trading sessions.
The upward momentum is attributed to the ongoing crackdown against speculators, hoarders, and smugglers to restrict illegal dollar outflows.
Moreover, the recent reforms introduced by the State Bank of Pakistan (SBP) aim 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 encourage leading banks to establish wholly owned exchange companies to cater to the legitimate foreign exchange needs of the general public.
Market talks suggest that the exporters had been selling dollars on a large scale out of fear of further devaluation.
In comparison to major currencies, PKR gained 52.92 paisa against the Euro, closing at 320.97 compared to the previous value of 321.49.
The British Pound became cheaper by 1.84 rupees closing at 372.60 compared to 374.44 from a day ago.
The Swiss franc saw losses of 1.68 Rupees, closing at 334.93 compared to 336.61 from the previous session.
Against the Japanese Yen, PKR gained 1.53 paisa, closing at 2.029 versus 2.044 a day ago.
The Chinese Yuan lost 12.17 paisa, closing at 41.04 against 41.16 from the previous session.
The Saudi Riyal decreased in value by 29.11 paisa from 81.65 a day ago to 81.35.
The U.A.E Dirham closed at 79.66 with a loss of 28.82 paisa from its value of 79.95 a day ago.
During the current financial year, PKR has depreciated against the Dollar by 12.83 rupees or 4.29%. While the current calendar year has seen PKR depreciate by 72.39 rupees or 24.23%.
In the Money Market, the benchmark 6-Month Karachi Interbank Bid and Offer rates inched up by 2 bps to 24.46% and 24.71%.
Performance Summary
| Currency | Sep 13, 2023 | Sep 12, 2023 | Change | 1 Month | FYTD | CYTD | 1 Day % | 7 Day % | 1 Month % | MTD % | FYTD % | CYTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 298.8236 | 299.8888 | 1.0652 | -10.3305 | -12.8331 | -72.3927 | 0.36 | 2.73 | -3.46 | 2.25 | -4.29 | -24.23 |
| EUR | 320.9665 | 321.4957 | 0.5292 | -3.7106 | -8.0357 | -79.6590 | 0.16 | 2.65 | -1.16 | 3.66 | -2.50 | -24.82 |
| GBP | 372.6032 | 374.4411 | 1.8379 | -5.9284 | -8.4659 | -99.5275 | 0.49 | 3.45 | -1.59 | 4.12 | -2.27 | -26.71 |
| CHF | 334.9290 | 336.6133 | 1.6843 | -5.7117 | -15.1722 | -89.9004 | 0.50 | 2.98 | -1.71 | 3.65 | -4.53 | -26.84 |
| JPY | 2.0289 | 2.0442 | 0.0153 | -0.0344 | -0.0366 | -0.3153 | 0.75 | 2.64 | -1.70 | 3.28 | -1.80 | -15.54 |
| SAR | 79.6629 | 79.9511 | 0.2882 | -2.7714 | -3.4089 | -19.4579 | 0.36 | 2.73 | -3.48 | 2.25 | -4.28 | -24.43 |
| AED | 81.3546 | 81.6457 | 0.2911 | -2.8071 | -3.4928 | -19.7022 | 0.36 | 2.73 | -3.45 | 2.25 | -4.29 | -24.22 |
| CNY | 41.0410 | 41.1627 | 0.1217 | -1.1708 | -1.3713 | -8.4753 | 0.30 | 2.37 | -2.85 | 2.12 | -3.34 | -20.65 |
52 Week Performance
| Currency | High | Low | Trading Band | % Since High | % Since Low | High Date | Low Date | Days Since High | Days Since Low |
|---|---|---|---|---|---|---|---|---|---|
| USD | 217.7919 | 307.0996 | 89.3077 | -27.12 | 2.77 | 11-Oct-22 | 05-Sep-23 | 337 | 8 |
| EUR | 211.2799 | 332.7005 | 121.4206 | -34.17 | 3.66 | 11-Oct-22 | 31-Aug-23 | 337 | 13 |
| GBP | 240.0284 | 387.9723 | 147.9439 | -35.58 | 4.12 | 11-Oct-22 | 31-Aug-23 | 337 | 13 |
| CHF | 217.6396 | 347.1630 | 129.5234 | -35.02 | 3.65 | 11-Oct-22 | 31-Aug-23 | 337 | 13 |
| JPY | 1.4676 | 2.2178 | 0.7502 | -27.67 | 9.31 | 21-Oct-22 | 11-May-23 | 327 | 125 |
| SAR | 57.9311 | 81.8703 | 23.9392 | -27.28 | 2.77 | 11-Oct-22 | 05-Sep-23 | 337 | 8 |
| AED | 59.2946 | 83.6089 | 24.3143 | -27.12 | 2.77 | 11-Oct-22 | 05-Sep-23 | 337 | 8 |
| CNY | 30.0713 | 43.0908 | 13.0195 | -26.73 | 4.99 | 25-Oct-22 | 11-May-23 | 323 | 125 |
Copyright Mettis Link News
Posted on: 2023-09-13T16:25:16+05:00
