September 12, 2023 (MLN): The Pakistani rupee (PKR) sustained its positive momentum, appreciating by 1.27 rupees against the US dollar in Tuesday's interbank session and closing at PKR 299.89 per USD, compared to the previous session's closing rate of PKR 301.16 per USD.
The currency saw an intraday high (bid) of 299.9 and a low (ask) of 299.85.
Conversely, in the open market, the local unit depreciated by 2 rupees as the exchange companies quoted the dollar at 297 for buying and 300 for selling, compared to the previous closing at 295 for buying and 299 for selling.
It is worth mentioning that this decline in the open market follows an appreciation of 29 rupees over the past six trading sessions.
In yesterday's trading session, PKR per USD in the open market dropped below the rate in the interbank market.
The upward momentum is attributed to the recent reforms introduced by the State Bank of Pakistan (SBP), aiming to consolidate and transform various types of exchange companies into a single category with a well-defined mandate and higher capital requirements.
These reforms also encourage leading banks to establish wholly owned exchange companies to cater to the legitimate foreign exchange needs of the general public.
Moreover, the ongoing crackdown against speculators, hoarders, and smugglers also boosted the sentiment.
Consequently, the gap between the open market and interbank has fallen significantly below the IMF’s suggested level of 1.25%.
Besides the interbank and Kerb markets, the black market for Hawala/Hundi is also experiencing a significant decline in dollar rates.
Going forward, market participants are closely monitoring the upcoming Monetary Policy Committee (MPC) meeting scheduled for September 14.
In comparison to major currencies, PKR gained 1.53 rupees against the Euro, closing at 321.50 compared to the previous value of 323.03.
The British Pound became cheaper by 2.73 rupees closing at 374.44 compared to 377.18 from a day ago.
The Swiss franc saw losses of 1.39 rupees, closing at 336.61 compared to 338 from the previous session.
Against the Japanese Yen, PKR gained 1.51 paisa, closing at 2.04 versus 2.06 a day ago.
The Chinese Yuan lost 14.39 paisa, closing at 41.16 against 41.31 from the previous session.
The Saudi Riyal decreased in value by 34.57 paisa from 81.99 a day ago to 81.65.
The U.A.E Dirham closed at 79.95 with a loss of 34.18 paisa from its value of 80.29 a day ago.
During the current financial year, PKR has depreciated against the Dollar by 13.9 rupees or 4.63%. While the current calendar year has seen PKR depreciate by 73.46 rupees or 24.5%.
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates inched down by 1 bps to 24.44% and 24.69%.
Furthermore, The State Bank of Pakistan (SBP) conducted an Open Market Operation (OMO) through which it mopped up Rs.1,393.1 billion for 3 days at 21.99%.
Performance Summary
| Currency | Sep 12, 2023 | Sep 11, 2023 | Change | 1 Month | FYTD | CYTD | 1 Day % | 7 Day % | 1 Month % | MTD % | FYTD % | CYTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 299.8888 | 301.1625 | 1.2737 | -11.3957 | -13.8983 | -73.4579 | 0.42 | 2.40 | -3.80 | 1.88 | -4.63 | -24.50 |
| EUR | 321.4957 | 323.0269 | 1.5312 | -4.2398 | -8.5649 | -80.1882 | 0.48 | 2.69 | -1.32 | 3.49 | -2.66 | -24.94 |
| GBP | 374.4411 | 377.1760 | 2.7349 | -7.7663 | -10.3038 | -101.3654 | 0.73 | 2.88 | -2.07 | 3.61 | -2.75 | -27.07 |
| CHF | 336.6133 | 338.0051 | 1.3918 | -7.3960 | -16.8565 | -91.5847 | 0.41 | 2.77 | -2.20 | 3.13 | -5.01 | -27.21 |
| JPY | 2.0442 | 2.0593 | 0.0151 | -0.0497 | -0.0519 | -0.3306 | 0.74 | 2.23 | -2.43 | 2.50 | -2.54 | -16.17 |
| SAR | 79.9511 | 80.2929 | 0.3418 | -3.0596 | -3.6971 | -19.7461 | 0.43 | 2.40 | -3.83 | 1.88 | -4.62 | -24.70 |
| AED | 81.6457 | 81.9914 | 0.3457 | -3.0982 | -3.7839 | -19.9933 | 0.42 | 2.40 | -3.79 | 1.88 | -4.63 | -24.49 |
| CNY | 41.1627 | 41.3066 | 0.1439 | -1.2925 | -1.4930 | -8.5970 | 0.35 | 2.14 | -3.14 | 1.82 | -3.63 | -20.89 |
52 Week Performance
| Currency | High | Low | Trading Band | % Since High | % Since Low | High Date | Low Date | Days Since High | Days Since Low |
|---|---|---|---|---|---|---|---|---|---|
| USD | 217.7919 | 307.0996 | 89.3077 | -27.38 | 2.40 | 11-Oct-22 | 05-Sep-23 | 336 | 7 |
| EUR | 211.2799 | 332.7005 | 121.4206 | -34.28 | 3.49 | 11-Oct-22 | 31-Aug-23 | 336 | 12 |
| GBP | 240.0284 | 387.9723 | 147.9439 | -35.90 | 3.61 | 11-Oct-22 | 31-Aug-23 | 336 | 12 |
| CHF | 217.6396 | 347.1630 | 129.5234 | -35.34 | 3.13 | 11-Oct-22 | 31-Aug-23 | 336 | 12 |
| JPY | 1.4676 | 2.2178 | 0.7502 | -28.21 | 8.49 | 21-Oct-22 | 11-May-23 | 326 | 124 |
| SAR | 57.9311 | 81.8703 | 23.9392 | -27.54 | 2.40 | 11-Oct-22 | 05-Sep-23 | 336 | 7 |
| AED | 59.2946 | 83.6089 | 24.3143 | -27.38 | 2.40 | 11-Oct-22 | 05-Sep-23 | 336 | 7 |
| CNY | 30.0713 | 43.0908 | 13.0195 | -26.95 | 4.68 | 25-Oct-22 | 11-May-23 | 322 | 124 |
Copyright Mettis Link News
Posted on: 2023-09-12T16:54:22+05:00
