August 18, 2023 (MLN): The Pakistani rupee (PKR) depreciated by around 86 paisa against the US dollar in Friday's interbank session as the currency settled the trade at PKR 295.78 per USD, compared to the previous session's closing of PKR 294.92 per USD.
The currency saw an intraday high (bid) of 296.25 and a low (ask) of 296.15.
In the open market, Exchange Companies quoted the dollar at 302 for buying and 306 for selling.
Throughout the week, the local unit remained under pressure mainly due to the removal of restrictions on letters of credit (LCs), which led to an increased demand for dollars.
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.
This situation arises as the government restricts the demand for dollars to prevent the depletion of the nation's FX reserves.
During the week PKR depreciated by 7.29 rupees or 2.46% compared to the previous weeks closing of 288.49.
In comparison to major currencies, PKR lost 85.01 paisa against the Euro, closing at 321.60 compared to the previous value of 320.75.
The British Pound became more expensive by 50.77 paisa closing at 376.05 compared to 375.55 a day ago.
The Swiss franc saw gains of 92.38 paisa, closing at 336.13 compared to 335.21 from the previous session.
Against the Japanese Yen, PKR lost 1.76 paisa, closing at 2.036 versus 2.018 a day ago.
The Chinese Yuan gained 23.76 paisa, closing at 40.59 against 40.35 from the previous session.
The Saudi Riyal increased in value by 23.39 paisa from 80.292 a day ago to 80.526.
The U.A.E Dirham closed at 78.87 with a gain of 23.23 paisa from its value of 78.64 a day ago.
During the current financial year, PKR has depreciated against the Dollar by 9.79 rupees or 3.31%. While the current calendar year has seen PKR depreciate by 69.35 rupees or 23.45%.
In the Money Market, the benchmark 6-Month Karachi Interbank Bid and Offer rates inched up by 3 bps to 22.89% and 23.14%.
Furthermore, the State Bank of Pakistan (SBP) conducted a reverse repo and Shariah Compliant Modarabah-based Open Market Operation (OMO) today, in which it cumulatively injected a total of Rs3.96 trillion into the market.
Of which Rs3.77 trillion were injected through reverse repo OMO.
Meanwhile, the remaining Rs182.5 billion was injected through Shariah-Compliant Modarabah Based OMO.
Performance Summary
| Currency | Aug 18, 2023 | Aug 17, 2023 | Change | 1 Month | FYTD | CYTD | 1 Day % | 7 Day % | 1 Month % | MTD % | FYTD % | CYTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 295.78 | 294.92 | -0.86 | -11.98 | -9.79 | -69.35 | -0.29 | -2.46 | -4.05 | -3.09 | -3.31 | -23.45 |
| EUR | 321.60 | 320.75 | -0.85 | -3.05 | -8.67 | -80.29 | -0.26 | -1.35 | -0.95 | -1.69 | -2.70 | -24.97 |
| GBP | 376.05 | 375.54 | -0.51 | -8.43 | -11.92 | -102.98 | -0.14 | -2.49 | -2.24 | -2.03 | -3.17 | -27.38 |
| CHF | 336.13 | 335.21 | -0.92 | -5.612 | -16.38 | -91.10 | -0.27 | -2.06 | -1.67 | -1.99 | -4.87 | -27.10 |
| JPY | 2.036 | 2.018 | -0.018 | -0.0013 | -0.043 | -0.32 | -0.86 | -2.02 | -0.06 | -1.12 | -2.13 | -15.82 |
| SAR | 78.87 | 78.64 | -0.23 | -3.22 | -2.61 | -18.66 | -0.29 | -2.51 | -4.08 | -3.11 | -3.31 | -23.66 |
| AED | 80.53 | 80.29 | -0.23 | -3.26 | -2.66 | -18.87 | -0.29 | -2.46 | -4.05 | -3.09 | -3.31 | -23.44 |
| CNY | 40.59 | 40.35 | -0.24 | -1.27 | -0.92 | -8.026 | -0.59 | -1.78 | -3.13 | -1.20 | -2.27 | -19.77 |
52 Week Performance
| Currency | High | Low | Trading Band | % Since High | % Since Low | High Date | Low Date | Days Since High | Days Since Low |
|---|---|---|---|---|---|---|---|---|---|
| USD | 216.66 | 298.93 | 82.27 | -26.75 | 1.07 | 22-Aug-22 | 11-May-23 | 361 | 99 |
| EUR | 211.28 | 326.85 | 115.57 | -34.30 | 1.63 | 11-Oct-22 | 11-May-23 | 311 | 99 |
| GBP | 240.03 | 376.33 | 136.30 | -36.17 | 0.07 | 11-Oct-22 | 11-May-23 | 311 | 99 |
| CHF | 217.64 | 336.13 | 118.49 | -35.25 | 0.00 | 11-Oct-22 | 18-Aug-23 | 311 | 0 |
| JPY | 1.468 | 2.22 | 0.75 | -27.90 | 8.95 | 21-Oct-22 | 11-May-23 | 301 | 99 |
| SAR | 57.69 | 79.71 | 22.02 | -26.86 | 1.06 | 22-Aug-22 | 11-May-23 | 361 | 99 |
| AED | 58.99 | 81.41 | 22.42 | -26.75 | 1.09 | 22-Aug-22 | 11-May-23 | 361 | 99 |
| CNY | 30.07 | 43.09 | 13.02 | -25.92 | 6.16 | 25-Oct-22 | 11-May-23 | 297 | 99 |
Copyright Mettis Link News
Posted on: 2023-08-18T15:08:29+05:00
