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PKR appreciates by around 14 paisa against USD

PKR continues winning streak
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November 29, 2023 (MLN): The Pakistani rupee (PKR) appreciated by around 14 paisa against the US dollar in Wednesday's interbank session as the currency settled the trade at PKR 285.39, as compared to the previous day's closing of PKR 285.52 per USD.

The local unit saw an intraday high (bid) of 285.5 and a low (ask) of 285.

In the open market, the local unit remain unchanged as exchange companies quoted the dollar at 284 for buying and 287 for selling.

It is important to mention that the local unit appreciated by 12 paisa in yesterday's session, reversing a trend of three consecutive daily losses 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.

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.

According to 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.

The U.S. Dollar Index (DXY), which tracks the value of the greenback against six other top currencies is also under pressure as it is on track to mark its fifth consecutive decline.

The market's expectations that the Federal Reserve has reached the end of its tightening cycle continue to enforce pressure on the dollar and U.S. bond yields, resulting in benefits for international prices.

In comparison to major currencies, PKR lost 1.1 rupees against the Euro, closing at 313.5 compared to the previous value of 312.39.

The British Pound became expensive by 1.95 rupees, closing at 362.28 compared to 360.33 from a day ago.

Swiss franc saw gains of 78.4 paisa, closing at 325.04 compared to 324.26 from the previous session.

Against the Japanese Yen, PKR lost 1.51 paisa, closing at 1.937 versus 1.922 a day ago.

The Chinese Yuan gained 13.93 paisa, closing at 40.0513 against 39.912 from the previous session.

The Saudi Riyal closed at 76.09 with a loss of 3.7 paisa from its value of 76.13 a day ago.

The U.A.E Dirham decreased in value by 3.35 paisa from 77.746 a day ago to 77.712.

During the current financial year, PKR has appreciated against the Dollar by 0.6 rupees or 0.21%. While the current calendar year has seen PKR depreciated by 58.95 rupees or 20.66%.

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 29, 2023 Nov 28, 2023 Change 1 Month FYTD CYTD 1 Day 7 Day 1 Month MTD FYTD CYTD
USD 285.3857 285.5243 0.1386 -4.4364 0.6048 -58.9548 0.05% -0.09% -1.55% -1.37% 0.21% -20.66%
EUR 313.4962 312.3921 -1.1041 -17.0946 -0.5654 -72.1887 -0.35% -0.69% -5.45% -4.67% -0.18% -23.03%
GBP 362.2829 360.3316 -1.9513 -22.4606 1.8544 -89.2072 -0.54% -1.37% -6.20% -5.63% 0.51% -24.62%
CHF 325.0407 324.2567 -0.7840 -14.1528 -5.2839 -80.0121 -0.24% -0.68% -4.35% -4.04% -1.63% -24.62%
JPY 1.9372 1.9221 -0.0151 -0.0580 0.0551 -0.2236 -0.78% -1.14% -2.99% -3.37% 2.84% -11.54%
SAR 76.0886 76.1256 0.0370 -1.2027 0.1654 -15.8836 0.05% -0.09% -1.58% -1.40% 0.22% -20.88%
AED 77.712 77.7455 0.0335 -1.2216 0.1498 -16.0596 0.04% -0.10% -1.57% -1.39% 0.19% -20.67%
CNY 40.0513 39.912 -0.1393 -1.6582 -0.3816 -7.4856 -0.35% -0.36% -4.14% -3.97% -0.95% -18.69%

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 -21.62% 7.61% 01-Dec-22 05-Sep-23 363 85
EUR 231.889 332.701 100.8120 -26.03% 6.13% 30-Nov-22 31-Aug-23 364 90
GBP 267.911 387.972 120.0615 -26.05% 7.09% 30-Nov-22 31-Aug-23 364 90
CHF 235.216 347.163 111.9466 -27.63% 6.81% 30-Nov-22 31-Aug-23 364 90
JPY 1.6168 2.2178 0.6010 -16.54% 14.48% 30-Nov-22 11-May-23 364 202
SAR 59.5083 81.8703 22.3620 -21.79% 7.60% 01-Dec-22 05-Sep-23 363 85
AED 60.8993 83.6089 22.7096 -21.63% 7.59% 02-Dec-22 05-Sep-23 362 85
CNY 31.3804 43.0908 11.7104 -21.65% 7.59% 30-Nov-22 11-May-23 364 202

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Posted on: 2023-11-29T15:51:56+05:00