September 18, 2023 (MLN): The Pakistani rupee (PKR) extended its upward momentum on Monday, appreciating by 90 paisa against the US dollar in the interbank to settle at PKR 295.9485 per USD, compared to the previous session's closing of PKR 296.8491 per USD.
The currency saw an intraday high (bid) of 295.9 and a low (ask) of 295.8.
In the open market, the local gained 50 paisa against USD as the Exchange Companies quoted the dollar at 295.5 for buying and 300 for selling, compared to the previous closing of 296 for buying and 300 for selling.
It is pertinent to note that the domestic currency appreciated by 6.1 rupees or 2.05% during last week against the greenback.
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 2.52 rupees closing at 366.41 compared to 368.94 from a day ago.
The Swiss franc saw losses of 1.19 rupees, closing at 330.15 compared to 331.34 from the previous session.
Against the Japanese Yen, PKR gained 0.48 paisa, closing at 2.004 versus 2.009 a day ago.
The Chinese Yuan lost 23.46 paisa, closing at 40.58 against 40.818 from the previous session.
The Saudi Riyal decreased in value by 24.74 paisa from 80.82 a day ago to 80.57.
The U.A.E Dirham closed at 78.89 with a loss of 24.22 paisa from its values of 79.14 a day ago.
During the current financial year, PKR has depreciated against the Dollar by 9.96 rupees or 3.36%. While the current calendar year has seen PKR depreciate by 69.52 rupees or 23.49%.
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates remained unchanged at 22.84% and 23.09%.
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Posted on: 2023-09-18T16:19:03+05:00