PKR depreciates by 16 paisa against USD
By MG News | July 30, 2024 at 03:24 PM GMT+05:00
July 30, 2024 (MLN): The Pakistani rupee (PKR) depreciated by 15.73 paisa against the US dollar in Tuesday's interbank session as the currency settled the trade at PKR 278.66 per USD, compared to the previous session's closing of PKR 278.5 per USD.
The currency saw an intraday high (bid) of 278.85 and a low (ask) of 278.65.
In the open market, exchange companies quoted the dollar at 278.5 for buying and 280.6 for selling.
JPMorgan in its latest research report has highlighted that fespite Pakistan’s Balance of Payment (BoP) account being in a healthy position, there is anticipation of a weaker PKR in the near term due to the final clearance of dividend backlogs.
"In our estimates, we do not view PKR as being overly expensive," the report added.
That said, although the International Monetary Fund (IMF) states that all FX restrictions have been removed, the agency assesses that there may still be a few informal restrictions relating to the repatriation of dividends.
Assuming these are fully eliminated at the start of the Extended Fund Arrangement (EFF), then it could result in USD/PKR moving moderately higher over the coming months.
In comparison to major currencies, PKR gained 34.5 paisa against the Euro, closing at 301.58 compared to the previous value of 301.92.
The British Pound became expensive by 1.22 rupees closing at 358.17 compared to 356.95 from a day ago.
The Swiss franc saw losses of 46.17 paisa, closing at 314.32 compared to 314.78 from the previous session.
Against the Japanese Yen, PKR gained 1.18 paisa, closing at 1.7988 versus 1.8106 a day ago.
The Chinese Yuan gained 3.97 paisa, closing at 38.42 against 38.38 from the previous session.
The Saudi Riyal closed at 74.28 with a gain of 3.99 paisa from its value of 74.24 a day ago.
The U.A.E Dirham increased in value by 4.28 paisa from 75.87 a day ago to 75.82.
During the current financial year, PKR has depreciated against the Dollar by 31.61 paisa or 0.11%. While the current calendar year has seen PKR appreciate by 3.2 rupees or 1.15%.
In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates inched up by 2 bps to 19.15% and 19.4%.
Yesterday, the State Bank of Pakistan (SBP) further lowered its key policy rate by another 100 basis points to 19.5%, in line with the market expectations.
Performance Summary
| Currency | Jul 30, 2024 | Jul 29, 2024 | Change | 1 Month | FYTD | CYTD | 1 Day | 7 Day | 1 Month | MTD | FYTD | CYTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 278.6573 | 278.5 | -0.1573 | -0.3161 | -0.3161 | 3.2034 | -0.06% | -0.09% | -0.11% | -0.11% | -0.11% | 1.15% |
| EUR | 301.5769 | 301.9219 | 0.345 | -3.8909 | -3.8909 | 9.9214 | 0.11% | 0.4% | -1.29% | -1.29% | -1.29% | 3.29% |
| GBP | 358.1721 | 356.9535 | -1.2186 | -6.2513 | -6.2513 | 0.4251 | -0.34% | 0.41% | -1.75% | -1.75% | -1.75% | 0.12% |
| CHF | 314.3165 | 314.7782 | 0.4617 | -4.9109 | -4.9109 | 20.7533 | 0.15% | -0.45% | -1.56% | -1.56% | -1.56% | 6.6% |
| JPY | 1.7988 | 1.8106 | 0.0118 | -0.069 | -0.069 | 0.1907 | 0.66% | -0.73% | -3.84% | -3.84% | -3.84% | 10.6% |
| SAR | 74.2769 | 74.237 | -0.0399 | -0.0822 | -0.0822 | 0.8859 | -0.05% | -0.07% | -0.11% | -0.11% | -0.11% | 1.19% |
| AED | 75.8664 | 75.8236 | -0.0428 | -0.086 | -0.086 | 0.8763 | -0.06% | -0.09% | -0.11% | -0.11% | -0.11% | 1.16% |
| CNY | 38.4154 | 38.3757 | -0.0397 | -0.1102 | -0.1102 | 1.216 | -0.1% | -0.37% | -0.29% | -0.29% | -0.29% | 3.17% |
52 Week Performance
| Currency | High | Low | Trading Band | % Since High | % Since Low | High Date | Low Date | Days Since High | Days Since Low |
|---|---|---|---|---|---|---|---|---|---|
| USD | 276.835 | 307.1 | 30.265 | -0.65% | 10.21% | 16-Oct-23 | 05-Sep-23 | 288 | 329 |
| EUR | 291.618 | 332.701 | 41.083 | -3.3% | 10.32% | 16-Oct-23 | 31-Aug-23 | 288 | 334 |
| GBP | 337.032 | 387.972 | 50.9401 | -5.9% | 8.32% | 16-Oct-23 | 31-Aug-23 | 288 | 334 |
| CHF | 306.458 | 347.163 | 40.7049 | -2.5% | 10.45% | 13-Oct-23 | 31-Aug-23 | 291 | 334 |
| JPY | 1.851 | 2.1004 | 0.2494 | 2.9% | 16.77% | 16-Oct-23 | 01-Sep-23 | 288 | 333 |
| SAR | 73.8029 | 81.8703 | 8.0674 | -0.64% | 10.22% | 16-Oct-23 | 05-Sep-23 | 288 | 329 |
| AED | 75.3681 | 83.6089 | 8.2408 | -0.66% | 10.21% | 16-Oct-23 | 05-Sep-23 | 288 | 329 |
| CNY | 37.8634 | 42.0637 | 4.2003 | -1.44% | 9.5% | 16-Oct-23 | 01-Sep-23 | 288 | 333 |
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