July 21, 2023 (MLN): The Pakistani rupee (PKR) depreciated by 1.66 rupees against the US dollar in Friday's interbank session as the currency settled the trade at PKR 286.81 per USD, compared to the previous session's closing of PKR 285.15 per USD.
The currency saw an intraday high (bid) of 287.2 and a low (ask) of 286.8.
It is worth noting that today, for the first time in FY24, the value of PKR has fallen below the FY23 Close, which was 285.99.
In the open market, Exchange Companies quoted the dollar at 289 for buying and 293 for selling.
This was the latest drop in a week of continuous depreciation, which saw the PKR lose a total of Rs9.22 or 3.21% WoW against the USD.
As per the Staff Report issued by the International Monetary Fund (IMF) on Tuesday, the exchange rates between Pakistani rupees and foreign currencies shall be determined free from any formal or informal influence.
This is a significant development for the domestic currency as it would lead to a fair exchange rate and will determine the true value of the currency.
"Once proper market functioning is restored, the board is committed to maintaining the average premium between the interbank and open market rate at no more than 1.25% and no less than 1.25% during any consecutive 5 business day period (continuous SB)," the report further reads.
In comparison to major currencies, PKR gained 53.05 paisa against the Euro, closing at 319.13 compared to the previous value of 319.66.
The British Pound became more expensive by 71.45 paisa closing at 369.12 compared to 368.41 from a day ago.
The Swiss franc saw losses of 1.3 rupees, closing at 331 compared to 332.30 from the previous session.
Against the Japanese Yen, PKR gained 1.62 paisa, closing at 2.027 versus 2.043 a day ago.
The Chinese Yuan gained 25.5 paisa, closing at 39.96 against 39.71 from the previous session.
The Saudi Riyal increased in value by 44.96 paisa from 77.63 a day ago to 78.08.
The U.A.E Dirham closed at 76.47 with a gain of 45.45 paisa from its value of 76.016 a day ago.
During the current financial year, PKR has depreciated against the Dollar by 82.05 paisa or 0.29%. While the current calendar year has seen PKR depreciate by 60.38 rupees or 21.05%.
In the Money Market, the benchmark 6-Month Karachi Interbank Bid and Offer rates inched up by 5 bps to 22.88% and 23.13%.
Furthermore, The State Bank of Pakistan (SBP) conducted an Open Market Operation (OMO) through which it injected a total of Rs1.19 trillion into the market.
Of which Rs1.17bn were injected through reverse repo OMO.
While the remaining Rs20bn was injected through Shariah Compliant Modarabah Based OMO.
Performance Summary
| Currency | Jul 21, 2023 | Jul 20, 2023 | Change | 1 Month | FYTD | CYTD | 1 Day % | 7 Day % | 1 Month % | MTD % | FYTD % | CYTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 286.81 | 285.14 | -1.66 | 0.16 | -0.82 | -60.38 | -0.58 | -3.21 | 0.06 | -0.29 | -0.29 | -21.05 |
| EUR | 319.13 | 319.66 | 0.53 | -5.49 | -6.20 | -77.82 | 0.17 | -2.32 | -1.72 | -1.94 | -1.94 | -24.39 |
| GBP | 369.12 | 368.41 | -0.71 | -3.99 | -4.98 | -96.05 | -0.19 | -1.33 | -1.08 | -1.35 | -1.35 | -26.02 |
| CHF | 330.99 | 332.30 | 1.30 | -11.39 | -11.24 | -85.97 | 0.39 | -2.15 | -3.44 | -3.40 | -3.40 | -25.97 |
| JPY | 2.02 | 2.04 | 0.016 | -0.006 | -0.035 | -0.31 | 0.80 | -0.96 | -0.34 | -1.72 | -1.72 | -15.47 |
| SAR | 76.47 | 76.01 | -0.45 | 0.036 | -0.21 | -16.26 | -0.59 | -3.25 | 0.05 | -0.28 | -0.28 | -21.27 |
| AED | 78.08 | 77.63 | -0.44 | 0.045 | -0.22 | -16.43 | -0.58 | -3.21 | 0.06 | -0.29 | -0.29 | -21.04 |
| CNY | 39.96 | 39.71 | -0.25 | -0.064 | -0.29 | -7.39 | -0.64 | -2.63 | -0.16 | -0.74 | -0.74 | -18.51 |
52 Week Performance
| Currency | High | Low | Trading Band | % Since High | % Since Low | High Date | Low Date | Days Since High | Days Since Low |
|---|---|---|---|---|---|---|---|---|---|
| USD | 213.90 | 298.93 | 85.03 | -25.42 | 4.23 | 16-Aug-22 | 11-May-23 | 339 | 71 |
| EUR | 211.28 | 326.85 | 115.57 | -33.80 | 2.42 | 11-Oct-22 | 11-May-23 | 283 | 71 |
| GBP | 240.02 | 376.32 | 136.29 | -34.97 | 1.95 | 11-Oct-22 | 11-May-23 | 283 | 71 |
| CHF | 217.64 | 334.22 | 116.58 | -34.25 | 0.97 | 11-Oct-22 | 11-May-23 | 283 | 71 |
| JPY | 1.46 | 2.21 | 0.75 | -27.60 | 9.41 | 21-Oct-22 | 11-May-23 | 273 | 71 |
| SAR | 56.97 | 79.70 | 22.73 | -25.49 | 4.23 | 16-Aug-22 | 11-May-23 | 339 | 71 |
| AED | 58.23 | 81.40 | 23.17 | -25.42 | 4.25 | 16-Aug-22 | 11-May-23 | 339 | 71 |
| CNY | 30.07 | 43.09 | 13.01 | -24.75 | 7.82 | 25-Oct-22 | 11-May-23 | 269 | 71 |
Copyright Mettis Link News
Posted on: 2023-07-21T16:30:09+05:00
