November 02, 2023 (MLN): The Pakistani rupee (PKR) depreciated by 77.85 paisa against the US dollar in Thursday's interbank session as the currency settled the trade at PKR 283.43, compared to the previous day's closing of PKR 282.65 per USD.
The local unit saw an intraday high (bid) of 283.25 and a low (ask) of 283.25.
In the open market, the local unit lost 1 rupees as the exchange companies quoted the dollar at 281.5 for buying and 284.5 for selling compared to the previous closing of 280.5 for buying and 283.5 for selling.
To note, this marks the ninth consecutive session in which the local currency has lost its value against the U.S. Dollar.
The performance of the best-performing currency the Pakistani rupee (PKR) will be short-lived in the backdrop of financing risks and the upcoming elections, according to Goldman Sachs's analyst.
"The recent appreciation of the Pakistani rupee will likely be short-lived, given soaring interest costs and only short-term arrangements with the IMF and bilateral financing to support the external balance," analysts led by Kamakshya Trivedi wrote in a Wednesday report.
"The market will continue to require a premium for Pakistan's rupee ahead of elections," he added.
Moreover, the PKR concluded the month of October with a gain of 6.26 rupees or 2.23% against the greenback.
In comparison to major currencies, PKR lost 2.35 rupees against the Euro, closing at 300.43 compared to the previous value of 298.08.
The British Pound became expensive by 1.74 rupees, closing at 344.74 compared to 343.01 from a day ago.
Swiss franc saw gains of 2.49 rupees, closing at 313.13 compared to 310.63 from the previous session.
Against the Japanese Yen, PKR lost 1.58 paisa, closing at 1.884 versus 1.869 a day ago.
The Chinese Yuan gained 10.85 paisa, closing at 38.7251 against 38.6166 from the previous session.
The Saudi Riyal closed at 75.55 with a gain of 21.25 paisa from its value of 75.34 a day ago.
The U.A.E Dirham increased in value by 21.09 paisa from 76.955 a day ago to 77.166.
During the current financial year, PKR has appreciated against the Dollar by 2.57 rupees or 0.91%. While the current calendar year has seen PKR depreciate by 56.99 rupees or 20.11%.
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates inched down by 25 bps to 21.5% and 21.75%.
Performance Summary
| Currency | Nov 2, 2023 | Nov 1, 2023 | Change | 1 Month | FYTD | CYTD | 1 Day | 7 Day | 1 Month | MTD | FYTD | CYTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 283.425 | 282.6465 | -0.7785 | 2.2965 | 2.5655 | -56.9941 | -0.27% | -1.18% | 0.81% | -0.69% | 0.91% | -20.11% |
| EUR | 300.4305 | 298.0791 | -2.3514 | -0.8658 | 12.5003 | -59.1230 | -0.78% | -1.63% | -0.29% | -0.53% | 4.16% | -19.68% |
| GBP | 344.744 | 343.0058 | -1.7382 | 0.6790 | 19.3933 | -71.6683 | -0.50% | -1.74% | 0.20% | -0.83% | 5.63% | -20.79% |
| CHF | 313.125 | 310.6348 | -2.4902 | -2.5075 | 6.6318 | -68.0964 | -0.80% | -0.41% | -0.80% | -0.39% | 2.12% | -21.75% |
| JPY | 1.8844 | 1.8686 | -0.0158 | 0.0231 | 0.1079 | -0.1708 | -0.84% | -1.20% | 1.23% | -0.66% | 5.73% | -9.06% |
| SAR | 75.5548 | 75.3423 | -0.2125 | 0.6153 | 0.6992 | -15.3498 | -0.28% | -1.19% | 0.81% | -0.70% | 0.93% | -20.32% |
| AED | 77.1655 | 76.9546 | -0.2109 | 0.6242 | 0.6963 | -15.5131 | -0.27% | -1.18% | 0.81% | -0.69% | 0.90% | -20.10% |
| CNY | 38.7251 | 38.6166 | -0.1085 | 0.4068 | 0.9446 | -6.1594 | -0.28% | -1.18% | 1.05% | -0.68% | 2.44% | -15.91% |
52 Week Performance
| Currency | High | Low | Trading Band | % Since High | % Since Low | High Date | Low Date | Days Since High | Days Since Low |
|---|---|---|---|---|---|---|---|---|---|
| USD | 221.422 | 307.1 | 85.6778 | -21.88% | 8.35% | 10-Nov-22 | 05-Sep-23 | 357 | 58 |
| EUR | 216.828 | 332.701 | 115.8730 | -27.83% | 10.74% | 04-Nov-22 | 31-Aug-23 | 363 | 63 |
| GBP | 248.795 | 387.972 | 139.1771 | -27.83% | 12.54% | 04-Nov-22 | 31-Aug-23 | 363 | 63 |
| CHF | 219.528 | 347.163 | 127.6353 | -29.89% | 10.87% | 04-Nov-22 | 31-Aug-23 | 363 | 63 |
| JPY | 1.5003 | 2.2178 | 0.7175 | -20.38% | 17.69% | 03-Nov-22 | 11-May-23 | 364 | 175 |
| SAR | 58.8888 | 81.8703 | 22.9815 | -22.06% | 8.36% | 10-Nov-22 | 05-Sep-23 | 357 | 58 |
| AED | 60.2836 | 83.6089 | 23.3253 | -21.88% | 8.35% | 10-Nov-22 | 05-Sep-23 | 357 | 58 |
| CNY | 30.3357 | 43.0908 | 12.7551 | -21.66% | 11.27% | 03-Nov-22 | 11-May-23 | 364 | 175 |
Copyright Mettis Link News
Posted on: 2023-11-02T16:01:25+05:00
