August 09, 2023 (MLN): The Pakistani rupee (PKR) appreciated by around 45 Paisa against the US dollar in Wednesday's interbank session as the currency settled the trade at PKR 287.46 per USD, compared to the previous session's closing of PKR 287.91 per USD.
The currency saw an intraday high (bid) of 287.6 and a low (ask) of 287.5.
In the open market, Exchange Companies quoted the dollar at 293 for buying and 296 for selling.
The appreciation in the domestic currency can be attributed to the positive news flow regarding the International Monetary Fund’s (IMF) approval for a revolutionary dividend plug-in back scheme to reduce the burden of the gas sector's revolving debt.
This plug-in back scheme is likely to have a sweeping impact, with a projected reduction of a staggering Rs400 billion in the gas sector's revolving debt, and will strengthen newfound investor confidence.
In comparison to major currencies, PKR gained 26.12 paisa against the Euro, closing at 315.75 compared to the previous value of 316.0116.
The British Pound became cheaper by 5.32 paisa closing at 367.09 compared to 367.15 from a day ago.
The Swiss franc saw gains of 9.05 paisa, closing at 329.13 compared to 329.04 from the previous session.
Against the Japanese Yen, PKR gained 0.5 paisa, closing at 2.0062 versus 2.0112 a day ago.
The Chinese Yuan gained 2.02 paisa, closing at 39.94 against 39.92 from the previous session.
The Saudi Riyal decreased in value by 12.29 paisa from 78.39 a day ago to 78.26.
The U.A.E Dirham closed at 76.62 with a loss of 12.74 paisa from its value of 76.75 a day ago.
During the current financial year, PKR has depreciated against the Dollar by 1.47 rupees or 0.51%. While the current calendar year has seen PKR depreciate by 61.03 rupees or 21.23%.
In the Money Market, the benchmark 6-Month Karachi Interbank Bid and Offer rates inched up by 3 bps to 22.72% and 22.97%.
Performance Summary
| Currency | Aug 09, 2023 | Aug 08, 2023 | Change | 1 Month | FYTD | CYTD | 1 Day % | 7 Day % | 1 Month % | MTD % | FYTD % | CYTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 287.46 | 287.91 | 0.45 | -7.66 | -1.47 | -61.03 | 0.16 | 0.67 | -2.66 | -0.29 | -0.51 | -21.23 |
| EUR | 315.75 | 316.01 | 0.26 | -9.17 | -2.82 | -74.44 | 0.08 | 0.62 | -2.90 | 0.13 | -0.89 | -23.58 |
| GBP | 367.09 | 367.15 | 0.053 | -8.58 | -2.95 | -94.02 | 0.01 | 0.81 | -2.34 | 0.37 | -0.80 | -25.61 |
| CHF | 329.13 | 329.04 | -0.09 | -14.53 | -9.38 | -84.10 | -0.03 | 0.13 | -4.42 | 0.10 | -2.85 | -25.55 |
| JPY | 2.006 | 2.011 | 0.005 | -0.042 | -0.014 | -0.29 | 0.25 | 1.19 | -2.07 | 0.32 | -0.69 | -14.58 |
| SAR | 76.62 | 76.75 | 0.13 | -2.03 | -0.37 | -16.42 | 0.17 | 0.66 | -2.65 | -0.27 | -0.48 | -21.42 |
| AED | 78.26 | 78.39 | 0.12 | -2.08 | -0.40 | -16.61 | 0.16 | 0.67 | -2.66 | -0.28 | -0.51 | -21.22 |
| CNY | 39.94 | 39.92 | -0.02 | -1.26 | -0.27 | -7.37 | -0.05 | 0.86 | -3.15 | 0.41 | -0.67 | -18.46 |
52 Week Performance
| Currency | High | Low | Trading Band | % Since High | % Since Low | High Date | Low Date | Days Since High | Days Since Low |
|---|---|---|---|---|---|---|---|---|---|
| USD | 213.90 | 298.93 | 85.03 | -25.59 | 3.99 | 16-Aug-22 | 11-May-23 | 358 | 90 |
| EUR | 211.28 | 326.85 | 115.57 | -33.09 | 3.52 | 11-Oct-22 | 11-May-23 | 302 | 90 |
| GBP | 240.03 | 376.33 | 136.30 | -34.61 | 2.52 | 11-Oct-22 | 11-May-23 | 302 | 90 |
| CHF | 217.64 | 334.23 | 116.59 | -33.87 | 1.55 | 11-Oct-22 | 11-May-23 | 302 | 90 |
| JPY | 1.47 | 2.22 | 0.75 | -26.85 | 10.55 | 21-Oct-22 | 11-May-23 | 292 | 90 |
| SAR | 56.97 | 79.71 | 22.73 | -25.64 | 4.03 | 16-Aug-22 | 11-May-23 | 358 | 90 |
| AED | 58.23 | 81.41 | 23.17 | -25.59 | 4.02 | 16-Aug-22 | 11-May-23 | 358 | 90 |
| CNY | 30.07 | 43.09 | 13.02 | -24.71 | 7.89 | 25-Oct-22 | 11-May-23 | 288 | 90 |
Copyright Mettis Link News
Posted on: 2023-08-09T16:57:34+05:00
