August 25, 2023 (MLN): The Pakistani rupee (PKR) depreciated by 78 paisa against the US dollar in Friday's interbank session as the currency settled the trade at PKR 301.003 per USD, compared to the previous session's closing of PKR 300.225 per USD.
The currency saw an intraday high (bid) of 301 and a low (ask) of 300.99.
In the open market, Exchange Companies quoted the dollar at 315 for buying and 318 for selling.
The local unit continues to face immense pressure as the removal of restrictions on letters of credit (LCs) has led to an increased demand for dollars.
Recalling the IMF staff report issued on July 18, 2023, a market-determined exchange rate was recommended to absorb external pressures. Consequently, the government's ability to control the rupee through trade restrictions has been limited.
However, importers in Pakistan are finding it difficult to obtain import permits for their manufacturing needs due to dollar shortages, resulting in cargoes remaining stuck in ports.
It is worth mentioning that following four consecutive periods of current account surpluses, the country witnessed a significant shift and recorded a substantial current account deficit of $809 million in July 2023.
Additionally, the local unit faces pressure amid political uncertainty surrounding the general elections, which is causing turbulence in local markets.
It is worth noting that the depreciation of the local unit from 200 to 300 level against the USD occurred within a 15-month time span.
During the week PKR depreciated by 5.22 rupees or 1.74% compared to the previous week's closing of 295.78.
In comparison to major currencies, PKR gained 1.35 rupees against the Euro, closing at 324.81 compared to the previous value of 326.16.
The British Pound became cheaper by 2.65 rupees closing at 378.87 compared to 381.53 from a day ago.
The Swiss franc saw losses of 1.9 rupees, closing at 339.69 compared to 341.59 from the previous session.
Against the Japanese Yen, PKR gained 0.65 paisa, closing at 2.06 versus 2.067 a day ago.
The Chinese Yuan gained 2.53 paisa, closing at 41.29 against 41.26 from the previous session.
The Saudi Riyal increased in value by 21.19 paisa from 81.74 a day ago to 81.95.
The U.A.E Dirham closed at 80.2365 with a gain of 20.43 Paisa from its value of 80.03 a day ago.
During the current financial year, PKR has depreciated against the Dollar by 15.01 rupees or 4.99%. While the current calendar year has seen PKR depreciate by 74.57 rupees or 24.77%.
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates remained unchanged at 22.91 and 23.16 percent.
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 Rs1.63 trillion into the market.
Of which Rs41.5 billion were injected through reverse repo OMO.
The central bank also conducted a Shariah-Compliant Modarabah-based OMO today, in which it injected a total of Rs41.5 billion into the market.
Performance Summary
| Currency | Aug 25, 2023 | Aug 24, 2023 | Change | 1 Month | FYTD | CYTD | 1 Day % | 7 Day % | 1 Month % | MTD % | FYTD % | CYTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 301.003 | 300.225 | -0.78 | -13.96 | -15.01 | -74.57 | -0.26 | -1.74 | -4.64 | -4.77 | -4.99 | -24.77 |
| EUR | 324.81 | 326.16 | 1.35 | -7.05 | -11.88 | -83.50 | 0.42 | -0.99 | -2.17 | -2.67 | -3.66 | -25.71 |
| GBP | 378.87 | 381.53 | 2.65 | -8.49 | -14.74 | -105.80 | 0.70 | -0.74 | -2.24 | -2.75 | -3.89 | -27.92 |
| CHF | 339.69 | 341.59 | 1.90 | -6.93 | -19.94 | -94.67 | 0.56 | -1.05 | -2.04 | -3.01 | -5.87 | -27.87 |
| JPY | 2.06 | 2.067 | 0.007 | -0.016 | -0.068 | -0.35 | 0.32 | -1.19 | -0.80 | -2.31 | -3.30 | -16.82 |
| SAR | 80.23 | 80.03 | -0.20 | -3.72 | -3.983 | -20.03 | -0.25 | -1.71 | -4.63 | -4.77 | -4.96 | -24.97 |
| AED | 81.95 | 81.74 | -0.21 | -3.801 | -4.09 | -20.30 | -0.26 | -1.74 | -4.64 | -4.77 | -4.99 | -24.77 |
| CNY | 41.29 | 41.26 | -0.03 | -1.14 | -1.62 | -8.72 | -0.06 | -1.69 | -2.76 | -2.87 | -3.92 | -21.12 |
52 Week Performance
| Currency | High | Low | Trading Band | % Since High | % Since Low | High Date | Low Date | Days Since High | Days Since Low |
|---|---|---|---|---|---|---|---|---|---|
| USD | 217.79 | 301.003 | 83.21 | -27.64 | 0.00 | 11-Oct-22 | 25-Aug-23 | 318 | 0 |
| EUR | 211.28 | 326.85 | 115.57 | -34.95 | 0.63 | 11-Oct-22 | 11-May-23 | 318 | 106 |
| GBP | 240.03 | 382.34 | 142.31 | -36.65 | 0.92 | 11-Oct-22 | 22-Aug-23 | 318 | 3 |
| CHF | 217.64 | 341.59 | 123.95 | -35.93 | 0.56 | 11-Oct-22 | 24-Aug-23 | 318 | 1 |
| JPY | 1.47 | 2.22 | 0.75 | -28.76 | 7.65 | 21-Oct-22 | 11-May-23 | 308 | 106 |
| SAR | 57.93 | 80.24 | 22.31 | -27.80 | 0.00 | 11-Oct-22 | 25-Aug-23 | 318 | 0 |
| AED | 59.30 | 81.95 | 22.65 | -27.64 | 0.00 | 11-Oct-22 | 25-Aug-23 | 318 | 0 |
| CNY | 30.07 | 43.091 | 13.012 | -27.17 | 4.37 | 25-Oct-22 | 11-May-23 | 304 | 106 |
Copyright Mettis Link News
Posted on: 2023-08-25T16:40:41+05:00
