September 27, 2023 (MLN): The Pakistani rupee (PKR) sustained its upward momentum, appreciating by over 1 rupee against the US dollar in Wednesday's interbank session to settle at PKR 288.75 per USD, compared to the previous session's closing of PKR 289.8 per USD.
The currency saw an intraday high (bid) of 288.75 and a low (ask) of 288.6.
In the open market, the local unit gained 3 rupees against USD as the Exchange Companies quoted the dollar at 287 for buying and 290 for selling, compared to the previous closing of 290 for buying and 293 for selling.
It is worth noting that the local unit has witnessed 17 consecutive sessions of appreciation against the greenback due to the implementation of administrative measures aimed at curbing illegal dollar outflows by targeting speculators, hoarders, and smugglers.
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, 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; 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 1.86 rupees against the Euro, closing at 305.04 compared to the previous value of 306.89.
The British Pound became cheaper by 2.29 rupees closing at 350.75 compared to 353.04 from a day ago.
The Swiss franc saw losses of 2.39 rupees, closing at 315.09 compared to 317.49 from the previous session.
Against the Japanese Yen, PKR gained 0.95 paisa, closing at 1.938 versus 1.947 a day ago.
The Chinese Yuan lost 14.07 paisa, closing at 39.51 against 39.65 from the previous session.
The Saudi Riyal closed at 76.9757 with a loss of 27.57 paisa from its value of 77.25 a day ago.
The U.A.E Dirham decreased in value by 28.58 paisa from 78.89 a day ago to 78.61.
During the current financial year, PKR has depreciated against the Dollar by 2.76 rupees or 0.96%. While the current calendar year has seen PKR depreciate by 62.32 rupees or 21.58%.
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates inched up by 5 bps to 22.72% and 22.97%.
Furthermore, the State Bank of Pakistan (SBP) conducted a reverse repo and Shariah Compliant Modarabah Open Market Operation (OMO) today, in which it cumulatively injected a total of Rs256.2 billion into the market.
Of which Rs226.2bn were injected through reverse repo OMO.
Meanwhile, the remaining Rs30bn was injected through Shariah-compliant Modarabah-based OMO.
Performance Summary
Currency | Sep 27, 2023 | Sep 26, 2023 | Change | 1 Month | FYTD | CYTD | 1 Day % | 7 Day % | 1 Month % | MTD % | FYTD % | CYTD % |
---|---|---|---|---|---|---|---|---|---|---|---|---|
USD | 288.7512 | 289.8009 | 1.0497 | 13.2454 | -2.7607 | -62.3203 | 0.36 | 1.78 | 4.59 | 5.81 | -0.96 | -21.58 |
EUR | 305.0368 | 306.8991 | 1.8623 | 21.1195 | 7.8940 | -63.7293 | 0.61 | 3.03 | 6.92 | 9.07 | 2.59 | -20.89 |
GBP | 350.7461 | 353.0354 | 2.2893 | 28.9240 | 13.3912 | -77.6704 | 0.65 | 3.61 | 8.25 | 10.61 | 3.82 | -22.14 |
CHF | 315.0930 | 317.4856 | 2.3926 | 26.4163 | 4.6638 | -70.0644 | 0.76 | 3.92 | 8.38 | 10.18 | 1.48 | -22.24 |
JPY | 1.9375 | 1.9470 | 0.0095 | 0.1231 | 0.0548 | -0.2239 | 0.49 | 2.41 | 6.35 | 8.15 | 2.83 | -11.56 |
SAR | 76.9757 | 77.2514 | 0.2757 | 3.5224 | -0.7217 | -16.7707 | 0.36 | 1.78 | 4.58 | 5.82 | -0.94 | -21.79 |
AED | 78.6124 | 78.8982 | 0.2858 | 3.6105 | -0.7506 | -16.9600 | 0.36 | 1.78 | 4.59 | 5.82 | -0.95 | -21.57 |
CNY | 39.5103 | 39.6510 | 0.1407 | 1.8909 | 0.1594 | -6.9446 | 0.36 | 1.92 | 4.79 | 6.08 | 0.40 | -17.58 |
52 Week Performance
Currency | High | Low | Trading Band | % Since High | % Since Low | High Date | Low Date | Days Since High | Days Since Low |
---|---|---|---|---|---|---|---|---|---|
USD | 217.7919 | 307.0996 | 89.3077 | -24.57 | 6.35 | 11-Oct-22 | 05-Sep-23 | 351 | 22 |
EUR | 211.2799 | 332.7005 | 121.4206 | -30.74 | 9.07 | 11-Oct-22 | 31-Aug-23 | 351 | 27 |
GBP | 240.0284 | 387.9723 | 147.9439 | -31.57 | 10.61 | 11-Oct-22 | 31-Aug-23 | 351 | 27 |
CHF | 217.6396 | 347.1630 | 129.5234 | -30.93 | 10.18 | 11-Oct-22 | 31-Aug-23 | 351 | 27 |
JPY | 1.4676 | 2.2178 | 0.7502 | -24.25 | 14.47 | 21-Oct-22 | 11-May-23 | 341 | 139 |
SAR | 57.9311 | 81.8703 | 23.9392 | -24.74 | 6.36 | 11-Oct-22 | 05-Sep-23 | 351 | 22 |
AED | 59.2946 | 83.6089 | 24.3143 | -24.57 | 6.36 | 11-Oct-22 | 05-Sep-23 | 351 | 22 |
CNY | 30.0713 | 43.0908 | 13.0195 | -23.89 | 9.06 | 25-Oct-22 | 11-May-23 | 337 | 139 |
Copyright Mettis Link News
Posted on: 2023-09-27T16:09:04+05:00