September 26, 2023 (MLN): The Pakistani rupee (PKR) gained over 1 rupee against the US dollar in Tuesday's interbank session and settled at PKR 289.8 per USD, compared to the previous session's closing of PKR 290.86 per USD.
The currency saw an intraday high (bid) of 289.6 and a low (ask) of 289.5.
In the open market, the local unit gained 1 rupee against USD as the Exchange Companies quoted the dollar at 290 for buying and 293 for selling, compared to the previous closing of 291 for buying and 294 for selling.
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.
To note, SBP has suspended authorization of four exchange companies in the month of 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, 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 2.66 rupees against the Euro, closing at 306.9 compared to the previous value of 309.56.
The British Pound became cheaper by 3.12 rupees closing at 353.04 compared to 356.16 from a day ago.
The Swiss franc saw losses of 2.18 rupees, closing at 317.49 compared to 319.66 from the previous session.
Against the Japanese Yen, PKR gained 1.21 paisa, closing at 1.947 versus 1.96 a day ago.
The Chinese Yuan lost 13.3 paisa, closing at 39.65 against 39.78 from the previous session.
The Saudi Riyal closed at 77.25 with a loss of 28.78 paisa from its value of 77.54 a day ago.
The U.A.E Dirham decreased in value by 29.08 paisa from 79.19 a day ago to 78.89.
During the current financial year, PKR has depreciated against the Dollar by 3.81 rupees or 1.31%. While the current calendar year has seen PKR depreciate by 63.37 rupees or 21.87%.
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates inched down by 4 bps to 22.67% and 22.92%.
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Posted on: 2023-09-26T16:48:51+05:00