September 28, 2023 (MLN): The Pakistani rupee (PKR) appreciated by 17.8 rupees against the US dollar in September to settle at PKR 287.74 per USD, compared to the previous month's closing of PKR 305.54 per USD.
In today’s session, the currency gained over 1 rupee in the interbank market with an intraday high (bid) of 288.60 and a low (ask) of 287.6.
In the open market, the local unit closed at 285 for buying and 288.5 for selling, appreciating by 34 rupees against USD in a month.
PKR continues to strengthen amid the ongoing crackdown against speculators, hoarders, and smugglers to restrict illegal dollar outflows.
“Many leakages were happening through illegal channels of hawala and hundi trade from the open market,” said Khurram Shehzad, chief executive officer of Alpha Beta Core Solutions Pvt. Ltd, as Bloomberg reported.
The Federal Investigation Agency raided offices across the country, while security officials in plainclothes were deployed at money exchanges to monitor dollar sales.
As a result, the local unit continues to ride the wave of an upward trajectory, with today's session marking the 18th consecutive trading session of upward momentum.
Moreover, 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.
To note, SBP suspended the authorization of four exchange companies in September, underscoring the central bank's commitment to ensuring compliance with regulatory standards.
These reforms also apply to the banks actively engaged in foreign exchange business, mandating them to set up wholly owned ECs to address the legitimate foreign exchange needs of the general public.
Following the guidelines of the central bank, certain banks such as; Faysal Bank Limited (PSX: FABL), Allied Bank Limited (PSX: ABL), 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 2.6 rupees against the Euro, closing at 302.44 compared to the previous value of 305.04
The British Pound became cheaper by 88 paise closing at 349.86 compared to 350.75 a day ago.
The Swiss franc saw losses of 2.47 rupees, closing at 312.62 compared to 315.09 from the previous session.
Against the Japanese Yen, PKR gained 1 paisa, closing at 1.928 versus 1.938 a day ago.
The Chinese Yuan lost 12 paisa, closing at 39.3927 against 39.5103 from the previous session.
The Saudi Riyal closed at 76.71 with a loss of 27 paisa from its value of 76.98 a day ago.
The U.A.E Dirham decreased in value by 27 paisa from 78.612 a day ago to 78.339.
During the current financial year, PKR has depreciated against the Dollar by 1.75 rupees or 0.61%. While the current calendar year has seen PKR depreciate by 61.31 rupees or 21.31%.
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates inched up by 2 bps to 22.70% and 22.95%.
Performance Summary
| Currency | Sep 28, 2023 | Sep 27, 2023 | Change | 1 Month | FYTD | CYTD | Currency | 1 Day | 7 Day | 1 Month | MTD | FYTD | CYTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 287.7384 | 288.7512 | 1.0128 | 15.3139 | -1.7479 | -61.3075 | USD | 0.35% | 1.75% | 5.32% | 6.19% | -0.61% | -21.31% |
| EUR | 302.4418 | 305.0368 | 2.5950 | 25.1274 | 10.4890 | -61.1343 | EUR | 0.86% | 3.16% | 8.31% | 10.00% | 3.47% | -20.21% |
| GBP | 349.8611 | 350.7461 | 0.8850 | 32.2423 | 14.2762 | -76.7854 | GBP | 0.25% | 2.97% | 9.22% | 10.89% | 4.08% | -21.95% |
| CHF | 312.6232 | 315.093 | 2.4698 | 29.8475 | 7.1336 | -67.5946 | CHF | 0.79% | 3.21% | 9.55% | 11.05% | 2.28% | -21.62% |
| JPY | 1.9277 | 1.9375 | 0.0098 | 0.1399 | 0.0646 | -0.2141 | JPY | 0.51% | 2.50% | 7.26% | 8.70% | 3.35% | -11.11% |
| SAR | 76.7098 | 76.9757 | 0.2659 | 4.0794 | -0.4558 | -16.5048 | SAR | 0.35% | 1.75% | 5.32% | 6.19% | -0.59% | -21.52% |
| AED | 78.3388 | 78.6124 | 0.2736 | 4.1772 | -0.4770 | -16.6864 | AED | 0.35% | 1.75% | 5.33% | 6.18% | -0.61% | -21.30% |
| CNY | 39.3927 | 39.5103 | 0.1176 | 2.1683 | 0.2770 | -6.8270 | CNY | 0.30% | 1.75% | 5.50% | 6.39% | 0.70% | -17.33% |
52 Week Performance
| Currency | High | Low | Trading Band | % Since High | % Since Low | High Date | Low Date | Days Since High | Days Since Low |
|---|---|---|---|---|---|---|---|---|---|
| USD | 217.792 | 307.1 | 89.3077 | -24.31% | 6.73% | 11-Oct-22 | 05-Sep-23 | 352 | 23 |
| EUR | 211.28 | 332.701 | 121.4206 | -30.14% | 10.00% | 11-Oct-22 | 31-Aug-23 | 352 | 28 |
| GBP | 240.028 | 387.972 | 147.9439 | -31.39% | 10.89% | 11-Oct-22 | 31-Aug-23 | 352 | 28 |
| CHF | 217.64 | 347.163 | 129.5234 | -30.38% | 11.05% | 11-Oct-22 | 31-Aug-23 | 352 | 28 |
| JPY | 1.4676 | 2.2178 | 0.7502 | -23.87% | 15.05% | 21-Oct-22 | 11-May-23 | 342 | 140 |
| SAR | 57.9311 | 81.8703 | 23.9392 | -24.48% | 6.73% | 11-Oct-22 | 05-Sep-23 | 352 | 23 |
| AED | 59.2946 | 83.6089 | 24.3143 | -24.31% | 6.73% | 11-Oct-22 | 05-Sep-23 | 352 | 23 |
| CNY | 30.0713 | 43.0908 | 13.0195 | -23.66% | 9.39% | 25-Oct-22 | 11-May-23 | 338 | 140 |
Copyright Mettis Link News
Posted on: 2023-09-28T16:36:39+05:00
