July 26, 2023 (MLN): The Pakistani rupee (PKR) snaps the 8-day losing streak by appreciating by 1.48 rupees against the US dollar in Wednesday's interbank session as the currency settled the trade at PKR 287.04 per USD, compared to the previous session's closing of PKR 288.52 per USD.
The currency saw an intraday high (bid) of 287 and a low (ask) of 286.7.
In the open market, Exchange Companies quoted the dollar at 290 for buying and 293 for selling.
This appreciation in the domestic currency can be attributed to the extension of Pakistan’s $2.1 billion loan by China’s Exim Bank for a time span of two years, reducing pressure on the Foreign Exchange (FX) reserves of the country.
Moreover, a generous inflow of $600 million is expected from a consortium of two major Chinese banks in the coming days.
It is worth noting that as of now, the country's total FX reserves stand at $8.73 billion, as per the data released by the State Bank of Pakistan (SBP) on July 20, the aforementioned development is expected to further strengthen FX reserves.
In comparison to major currencies, PKR gained 1.22 rupees against the Euro, closing at 317.76 compared to the previous value of 318.98.
The British Pound became cheaper by 32.52 paisa closing at 370.38 compared to 370.71 from a day ago.
The Swiss franc saw gains of 97.47 paisa, closing at 332.76 compared to 331.78 from the previous session.
Against the Japanese Yen, PKR lost 0.34 paisa, closing at 2.043 versus 2.040 a day ago.
The Chinese Yuan lost 27.85 paisa, closing at 40.14 against 40.42 from the previous session.
The Saudi Riyal decreased in value by 40.66 paisa from 78.55 a day ago to 78.14.
The U.A.E Dirham closed at 76.5212 with a loss of 39.81 paisa from its value of 76.92 a day ago.
During the current financial year, PKR has depreciated against the Dollar by 1.05 rupees or 0.37%. While the current calendar year has seen PKR depreciate by 60.61 rupees or 21.11%.
In the Money Market, the benchmark 6-Month Karachi Interbank Bid and Offer rates inched up by 4 bps to 22.94% and 23.19%.
Performance Summary
| Currency | Jul 26, 2023 | Jul 25, 2023 | Change | 1 Month | FYTD | CYTD | 1 Day % | 7 Day % | 1 Month % | MTD % | FYTD % | CYTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 287.04 | 288.52 | 1.48 | -0.32 | -1.04 | -60.60 | 0.52 | -1.13 | -0.11 | -0.37 | -0.37 | -21.11 |
| EUR | 317.76 | 318.98 | 1.22 | -5.53 | -4.83 | -76.45 | 0.38 | 0.25 | -1.74 | -1.52 | -1.52 | -24.06 |
| GBP | 370.38 | 370.71 | 0.32 | -5.19 | -6.24 | -97.30 | 0.09 | -0.74 | -1.40 | -1.69 | -1.69 | -26.27 |
| CHF | 332.76 | 331.78 | -0.97 | -12.55 | -13 | -87.73 | -0.29 | -0.67 | -3.77 | -3.91 | -3.91 | -26.36 |
| JPY | 2.04 | 2.04 | -0.0034 | -0.04 | -0.05 | -0.33 | -0.17 | -0.46 | -1.98 | -2.52 | -2.52 | -16.16 |
| SAR | 76.52 | 76.91 | 0.39 | -0.07 | -0.26 | -16.31 | 0.52 | -1.14 | -0.10 | -0.35 | -0.35 | -21.32 |
| AED | 78.14 | 78.55 | 0.40 | -0.09 | -0.28 | -16.49 | 0.52 | -1.13 | -0.12 | -0.37 | -0.37 | -21.11 |
| CNY | 40.14 | 40.42 | 0.27 | -0.49 | -0.47 | -7.58 | 0.69 | -2.06 | -1.24 | -1.19 | -1.19 | -18.88 |
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 | -25.48 | 4.14 | 16-Aug-22 | 11-May-23 | 344 | 76 |
| EUR | 211.28 | 326.85 | 115.57 | -33.51 | 2.86 | 11-Oct-22 | 11-May-23 | 288 | 76 |
| GBP | 240.03 | 376.32 | 136.29 | -35.19 | 1.61 | 11-Oct-22 | 11-May-23 | 288 | 76 |
| CHF | 217.63 | 334.22 | 116.58 | -34.60 | 0.44 | 11-Oct-22 | 11-May-23 | 288 | 76 |
| JPY | 1.46 | 2.21 | 0.75 | -28.19 | 8.51 | 21-Oct-22 | 11-May-23 | 278 | 76 |
| SAR | 56.97 | 79.70 | 22.73 | -25.54 | 4.16 | 16-Aug-22 | 11-May-23 | 344 | 76 |
| AED | 58.23 | 81.40 | 23.17 | -25.48 | 4.17 | 16-Aug-22 | 11-May-23 | 344 | 76 |
| CNY | 30.07 | 43.09 | 13.019 | -25.10 | 7.33 | 25-Oct-22 | 11-May-23 | 274 | 76 |
CopyrightMettis Link News
Posted on: 2023-07-26T16:11:35+05:00
