November 28, 2023 (MLN): The Pakistani rupee (PKR) appreciated by 12 paisa against the US dollar in Tuesday's interbank session as the currency settled the trade at PKR 285.52, as compared to the previous day's closing of PKR 285.64 per USD.
The local unit saw an intraday high (bid) of 285.84 and a low (ask) of 286.
In the open market, the local unit gained 50 paisa as exchange companies quoted the dollar at 283.5 for buying and 286.5 for selling, compared to the previous closing of 284 for buying and 287 for selling.
It is important to mention that this appreciation comes after three consecutive daily losses observed by the local unit against the greenback.
This upswing is attributed to 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.
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.
Moreover, in a recent development, Pakistan is likely to receive funds worth $1.5 billion from global lenders upon the IMF's approval of the loan tranche under the $3bn SBA, the caretaker finance minister, Dr Shamshad Akhtar stated during an interview with a local news channel.
To recall, the pressure resulting from the gap between the demand and supply of dollars prevailed over the market for days and the PKR suffered losses for four consecutive weeks.
Moreover, as per Bloomberg's latest post, the local unit is set to end the year as Asia’s worst-performing currency and the losses are expected to persist in 2024.
In comparison to major currencies, PKR gained 33.13 paisa against the Euro, closing at 312.39 compared to the previous value of 312.72.
The British Pound became expensive by 7.7 paisa, closing at 360.33 compared to 360.25 from a day ago.
Swiss franc saw losses of 0.75 paisa, closing at 324.26 compared to 324.26 from the previous session.
Against the Japanese Yen, PKR lost 0.5 paisa, closing at 1.922 versus 1.917 a day ago.
The Chinese Yuan lost 2.43 paisa, closing at 39.912 against 39.9363 from the previous session.
The Saudi Riyal closed at 76.13 with a loss of 3.6 paisa from its value of 76.16 a day ago.
The U.A.E Dirham decreased in value by 3.16 paisa from 77.777 a day ago to 77.746.
During the current financial year, PKR has appreciated against the Dollar by 0.47 rupees or 0.16%. While the current calendar year has seen PKR depreciated by 59.09 rupees or 20.7%.
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates inched up by 1 bps to 21.2% and 21.45%.
Performance Summary
| Currency | Nov 28, 2023 | Nov 27, 2023 | Change | 1 Month | FYTD | CYTD | 1 Day | 7 Day | 1 Month | MTD | FYTD | CYTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 285.5243 | 285.6443 | 0.1200 | -4.9508 | 0.4662 | -59.0934 | 0.04% | 0.09% | -1.73% | -1.42% | 0.16% | -20.70% |
| EUR | 312.3921 | 312.7234 | 0.3313 | -16.2187 | 0.5387 | -71.0846 | 0.11% | 0.28% | -5.19% | -4.34% | 0.17% | -22.75% |
| GBP | 360.3316 | 360.2546 | -0.0770 | -20.3887 | 3.8057 | -87.2559 | -0.02% | -0.60% | -5.66% | -5.12% | 1.06% | -24.22% |
| CHF | 324.2567 | 324.2642 | 0.0075 | -12.6468 | -4.4999 | -79.2281 | 0.00% | -0.19% | -3.90% | -3.81% | -1.39% | -24.43% |
| JPY | 1.9221 | 1.9171 | -0.0050 | -0.0534 | 0.0702 | -0.2085 | -0.26% | 0.86% | -2.78% | -2.61% | 3.65% | -10.85% |
| SAR | 76.1256 | 76.1616 | 0.0360 | -1.3369 | 0.1284 | -15.9206 | 0.05% | 0.10% | -1.76% | -1.44% | 0.17% | -20.91% |
| AED | 77.7455 | 77.7771 | 0.0316 | -1.3595 | 0.1163 | -16.0931 | 0.04% | 0.08% | -1.75% | -1.43% | 0.15% | -20.70% |
| CNY | 39.912 | 39.9363 | 0.0243 | -1.5700 | -0.2423 | -7.3463 | 0.06% | 0.42% | -3.93% | -3.63% | -0.61% | -18.41% |
52 Week Performance
| Currency | High | Low | Trading Band | % Since High | % Since Low | High Date | Low Date | Days Since High | Days Since Low |
|---|---|---|---|---|---|---|---|---|---|
| USD | 223.689 | 307.1 | 83.4110 | -21.66% | 7.56% | 01-Dec-22 | 05-Sep-23 | 362 | 84 |
| EUR | 231.889 | 332.701 | 100.8120 | -25.77% | 6.50% | 30-Nov-22 | 31-Aug-23 | 363 | 89 |
| GBP | 267.911 | 387.972 | 120.0615 | -25.65% | 7.67% | 30-Nov-22 | 31-Aug-23 | 363 | 89 |
| CHF | 235.216 | 347.163 | 111.9466 | -27.46% | 7.06% | 30-Nov-22 | 31-Aug-23 | 363 | 89 |
| JPY | 1.6168 | 2.2178 | 0.6010 | -15.88% | 15.38% | 30-Nov-22 | 11-May-23 | 363 | 201 |
| SAR | 59.5083 | 81.8703 | 22.3620 | -21.83% | 7.55% | 01-Dec-22 | 05-Sep-23 | 362 | 84 |
| AED | 60.8993 | 83.6089 | 22.7096 | -21.67% | 7.54% | 02-Dec-22 | 05-Sep-23 | 361 | 84 |
| CNY | 31.2571 | 43.0908 | 11.8337 | -21.68% | 7.96% | 29-Nov-22 | 11-May-23 | 364 | 201 |
Copyright Mettis Link News
Posted on: 2023-11-28T15:38:25+05:00
