September 25, 2023 (MLN): The Pakistani rupee (PKR) continued its ascent for the 14th straight session, appreciating by 90.18 paisa against the US dollar in Monday's interbank session to settle at PKR 290.86 per USD, compared to the previous session's closing of PKR 291.76 per USD.
The currency saw an intraday high (bid) of 290.8 and a low (ask) of 290.7.
In the open market, the local unit gained 1 rupee against USD as the Exchange Companies quoted the dollar at 291 for buying and 294 for selling, compared to the previous closing of 292 for buying and 295 for selling.
To note, the domestic currency gained 5.09 rupees against the US dollar in the interbank market last week, closing at PKR 291.76.
The ongoing crackdown against speculators, hoarders, and smugglers to restrict illegal dollar outflows is effectively strengthening the PKR against the USD.
Furthermore, the recent reforms introduced by the State Bank of Pakistan (SBP) to consolidate and transform various types of exchange companies into a single category with a well-defined mandate and higher capital requirements are also enhancing transparency.
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 Bank Al Habib Limited (PSX: BAHL), 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 1.05 rupees against the Euro, closing at 309.564 compared to the previous value of 310.61.
The British Pound became cheaper by 1.76 rupees closing at 356.16 compared to 357.92 from a day ago.
The Swiss franc saw losses of 2.55 rupees, closing at 319.66 compared to 322.21 from the previous session.
Against the Japanese Yen, PKR gained 0.78 paisa, closing at 1.96 versus 1.97 a day ago.
The Chinese Yuan lost 17.94 paisa, closing at 39.78 against 39.96 from the previous session.
The Saudi Riyal closed at 77.54 with a loss of 24.25 paisa from its value of 77.78 a day ago.
The U.A.E Dirham decreased in value by 24.87 paisa from 79.44 a day ago to 79.19.
During the current financial year, PKR has depreciated against the Dollar by 4.87 rupees or 1.67%. While the current calendar year has seen PKR depreciate by 64.43 rupees or 22.15%.
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates inched up by 2 bps to 22.71% and 22.96%.
Furthermore, the State Bank of Pakistan (SBP) conducted an Open Market Operation (OMO) in which it mopped up a total of Rs1 trillion from the market.
Performance Summary
| Currency | Sep 25, 2023 | Sep 22, 2023 | Change | 1 Month | FYTD | CYTD | 1 Day % | 7 Day % | 1 Month % | MTD % | FYTD % | CYTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 290.8611 | 291.7629 | 0.9018 | 10.1420 | -4.8706 | -64.4302 | 0.31 | 1.75 | 3.49 | 5.05 | -1.67 | -22.15 |
| EUR | 309.5635 | 310.6108 | 1.0473 | 15.2489 | 3.3673 | -68.2560 | 0.34 | 1.96 | 4.93 | 7.47 | 1.09 | -22.05 |
| GBP | 356.1594 | 357.9202 | 1.7608 | 22.7132 | 7.9779 | -83.0837 | 0.49 | 2.88 | 6.38 | 8.93 | 2.24 | -23.33 |
| CHF | 319.6627 | 322.2120 | 2.5493 | 20.0315 | 0.0941 | -74.6341 | 0.80 | 3.28 | 6.27 | 8.60 | 0.03 | -23.35 |
| JPY | 1.9591 | 1.9669 | 0.0078 | 0.1011 | 0.0332 | -0.2455 | 0.40 | 2.29 | 5.16 | 6.96 | 1.69 | -12.53 |
| SAR | 77.5392 | 77.7817 | 0.2425 | 2.6973 | -1.2852 | -17.3342 | 0.31 | 1.75 | 3.48 | 5.05 | -1.66 | -22.36 |
| AED | 79.1890 | 79.4377 | 0.2487 | 2.7590 | -1.3272 | -17.5366 | 0.31 | 1.75 | 3.48 | 5.04 | -1.68 | -22.15 |
| CNY | 39.7840 | 39.9634 | 0.1794 | 1.5036 | -0.1143 | -7.2183 | 0.45 | 2.01 | 3.78 | 5.35 | -0.29 | -18.14 |
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 | -25.12 | 5.58 | 11-Oct-22 | 05-Sep-23 | 349 | 20 |
| EUR | 211.2799 | 332.7005 | 121.4206 | -31.75 | 7.47 | 11-Oct-22 | 31-Aug-23 | 349 | 25 |
| GBP | 240.0284 | 387.9723 | 147.9439 | -32.61 | 8.93 | 11-Oct-22 | 31-Aug-23 | 349 | 25 |
| CHF | 217.6396 | 347.1630 | 129.5234 | -31.92 | 8.60 | 11-Oct-22 | 31-Aug-23 | 349 | 25 |
| JPY | 1.4676 | 2.2178 | 0.7502 | -25.09 | 13.21 | 21-Oct-22 | 11-May-23 | 339 | 137 |
| SAR | 57.9311 | 81.8703 | 23.9392 | -25.29 | 5.59 | 11-Oct-22 | 05-Sep-23 | 349 | 20 |
| AED | 59.2946 | 83.6089 | 24.3143 | -25.12 | 5.58 | 11-Oct-22 | 05-Sep-23 | 349 | 20 |
| CNY | 30.0713 | 43.0908 | 13.0195 | -24.41 | 8.31 | 25-Oct-22 | 11-May-23 | 335 | 137 |
Copyright Mettis Link News
Posted on: 2023-09-25T16:30:18+05:00
