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PKR continues upward momentum, gains 44 paisa against greenback

PKR loses over 18 paisa against USD
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December 04, 2023 (MLN): The Pakistani rupee (PKR) maintained its upward momentum by appreciating around 44 paisa against the US dollar in Monday's interbank session to settle at PKR 284.53, as compared to the previous day's closing of PKR 284.97 per USD.

The local unit saw an intraday high (bid) of 285.84 and a low (ask) of 284.75.

In the open market, the local unit gained 50 paisa as exchange companies quoted the dollar at 283 for buying and 286 for selling, compared to the previous day's closing of 283.5 for buying and 286.5 for selling.

It is noteworthy that the local unit marked its third consecutive weekly victory against the USD last week, appreciating by 41 paisa.

This upswing is attributed to the successful staff-level agreement (SLA) between the International Monetary Fund (IMF) and Pakistani authorities during the first review under the Stand-By Arrangement (SBA).

Pending approval by the IMF's Executive Board, the agreement will grant Pakistan access to SDR 528 million, around $700m.

While inflows following increased regulatory and law enforcement helped normalize import and FX payments and rebuild reserves, the authorities recognize that the rupee must remain market-determined to alleviate external pressures and rebuild reserves sustainably.

To support this, they plan to strengthen the transparency and efficiency of the FX market and refrain from administrative actions to influence the rupee.

Moreover, in a recent development, Pakistan is likely to receive funds worth $1.5 billion from global lenders upon the IMF's approval of the loan tranche under the $3bn SBA, the caretaker finance minister, Dr Shamshad Akhtar stated during an interview with a local news channel.

However, the local unit closed the month of November on a negative note, as it recorded a loss of 3.69 rupees against the mighty dollar, compared to the previous month's closing of 281.47 per USD.

To recall, the pressure resulting from the gap between the demand and supply of dollars prevailed over the market for days and the PKR suffered losses for four consecutive weeks.

According to Bloomberg's latest post, the local unit is set to end the year as Asia’s worst-performing currency and the losses are expected to persist in 2024.

In comparison to major currencies, PKR gained 1.44 rupees against the Euro, closing at 309.06 compared to the previous value of 310.5.

The British Pound became expensive by 33.04 paisa, closing at 360.38 compared to 360.05 from a day ago.

Swiss franc saw losses of 55.51 paisa, closing at 325.32 compared to 325.88 from the previous session.

Against the Japanese Yen, PKR lost 1.3 paisa, closing at 1.935 versus 1.922 a day ago.

The Chinese Yuan lost 1.9 paisa, closing at 39.8639 against 39.8829 from the previous session.

The Saudi Riyal closed at 75.85 with a loss of 11.74 paisa from its value of 75.97 a day ago.

The U.A.E Dirham decreased in value by 11.79 paisa from 77.597 a day ago to 77.479.

During the current financial year, PKR has appreciated against the Dollar by 1.46 rupees or 0.51%. While the current calendar year has seen PKR depreciated by 58.1 rupees or 20.42%.

In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates inched up by 1 bps to 21.28% and 21.53%.

Performance Summary

Currency Dec 4, 2023 Dec 1, 2023 Change 1 Month FYTD CYTD 1 Day 7 Day 1 Month MTD FYTD CYTD
USD 284.5289 284.9656 0.4367 -0.2165 1.4616 -58.0980 0.15% 0.39% -0.08% 0.22% 0.51% -20.42%
EUR 309.0554 310.4985 1.4431 -6.9735 3.8754 -67.7479 0.47% 1.19% -2.26% 1.07% 1.25% -21.92%
GBP 360.3844 360.054 -0.3304 -13.7507 3.7529 -87.3087 -0.09% -0.04% -3.82% 0.50% 1.04% -24.23%
CHF 325.3247 325.8798 0.5551 -11.9637 -5.5679 -80.2961 0.17% -0.33% -3.68% 0.45% -1.71% -24.68%
JPY 1.935 1.922 -0.0130 -0.0442 0.0573 -0.2214 -0.67% -0.93% -2.28% 0.27% 2.96% -11.44%
SAR 75.8501 75.9675 0.1174 -0.0658 0.4039 -15.6451 0.15% 0.41% -0.09% 0.22% 0.53% -20.63%
AED 77.4787 77.5966 0.1179 -0.0716 0.3831 -15.8263 0.15% 0.39% -0.09% 0.22% 0.49% -20.43%
CNY 39.8639 39.8829 0.0190 -1.0016 -0.1942 -7.2982 0.05% 0.18% -2.51% 0.31% -0.49% -18.31%

52 Week Performance

Currency High Low Trading Band % Since High % Since Low High Date Low Date Days Since High Days Since Low
USD 223.908 307.1 83.1914 -21.31% 7.93% 05-Dec-22 05-Sep-23 364 90
EUR 234.526 332.701 98.1750 -24.12% 7.65% 07-Dec-22 31-Aug-23 362 95
GBP 270.362 387.972 117.6101 -24.98% 7.66% 06-Jan-23 31-Aug-23 332 95
CHF 237.503 347.163 109.6603 -27.00% 6.71% 06-Dec-22 31-Aug-23 363 95
JPY 1.6318 2.2178 0.5860 -15.67% 14.61% 07-Dec-22 11-May-23 362 207
SAR 59.5659 81.8703 22.3044 -21.47% 7.94% 05-Dec-22 05-Sep-23 364 90
AED 60.9614 83.6089 22.6475 -21.32% 7.91% 05-Dec-22 05-Sep-23 364 90
CNY 32.0314 43.0908 11.0594 -19.65% 8.09% 06-Dec-22 11-May-23 363 207

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Posted on: 2023-12-04T15:29:44+05:00