September 11, 2023 (MLN): The Pakistani rupee (PKR) extended its upward momentum as it gained 1.79 rupees against the US dollar in Monday's interbank session and settled the trade at PKR 301.16 per USD, compared to the previous session's closing of PKR 302.948 per USD.
The currency saw an intraday high (bid) of 301.25 and a low (ask) of 301.15.
In the open market, the local unit appreciated by 6 rupees as the exchange companies quoted the dollar at 295 for buying and 299 for selling, compared to the previous closing at 301 for buying and 305 for selling.
It is worth mentioning that last week, the PKR made a strong comeback as it gained 2.5 rupees in the interbank and 23 rupees in the open market against the greenback.
This 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%.
Perhaps, today’s session concluded with the PKR per USD in the open market dropping below the rate in the interbank market.
Besides the interbank and Kerb markets, the black market for Hawala/Hundi is also experiencing a significant decline in dollar rates.
"59 people involved in the illegal business of hawala hundi, have also been arrested. But, what an irony it is that now the elements involved in smuggling have started hoarding various things," caretaker Interior Minister Sarfaraz Ahmed Bugti said during a news conference.
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 1.46 rupees against the Euro, closing at 323.027 compared to the previous value of 324.488.
The British Pound became cheaper by 1.33 rupees closing at 377.18 compared to 378.50 from a day ago.
The Swiss franc saw losses of 2.04 rupees, closing at 338 compared to 340.05 from the previous session.
Against the Japanese Yen, PKR lost 0.41 paisa, closing at 2.059 versus 2.055 a day ago.
The Chinese Yuan gained 7.63 paisa, closing at 41.31 against 41.23 from the previous session.
The Saudi Riyal decreased in value by 49.06 paisa from 82.48 a day ago to 81.99.
The U.A.E Dirham closed at 80.29 with a loss of 47.6 paisa from its values of 80.77 a day ago.
During the current financial year, PKR has depreciated against the Dollar by 15.17 rupees or 5.04%. While the current calendar year has seen PKR depreciate by 74.73 rupees or 24.81%.
In the Money Market, the benchmark 6-Month Karachi Interbank Bid and Offer rates inched up by 3 bps to 24.45% and 24.7%.
Performance Summary
| Currency | Sep 11, 2023 | Sep 08, 2023 | Change | 1 Month | FYTD | CYTD | 1 Day % | 7 Day % | 1 Month % | MTD % | FYTD % | CYTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 301.1625 | 302.9482 | 1.7857 | -12.6694 | -15.1720 | -74.7316 | 0.59 | 1.49 | -4.21 | 1.45 | -5.04 | -24.81 |
| EUR | 323.0269 | 324.4878 | 1.4609 | -5.7710 | -10.0961 | -81.7194 | 0.45 | 2.17 | -1.79 | 2.99 | -3.13 | -25.30 |
| GBP | 377.1760 | 378.5034 | 1.3274 | -10.5012 | -13.0387 | -104.1003 | 0.35 | 2.33 | -2.78 | 2.86 | -3.46 | -27.60 |
| CHF | 338.0051 | 340.0474 | 2.0423 | -8.7878 | -18.2483 | -92.9765 | 0.60 | 2.32 | -2.60 | 2.71 | -5.40 | -27.51 |
| JPY | 2.0593 | 2.0552 | -0.0041 | -0.0648 | -0.0670 | -0.3457 | -0.20 | 1.36 | -3.15 | 1.75 | -3.25 | -16.79 |
| SAR | 80.2929 | 80.7689 | 0.4760 | -3.4014 | -4.0389 | -20.0879 | 0.59 | 1.48 | -4.24 | 1.45 | -5.03 | -25.02 |
| AED | 81.9914 | 82.4820 | 0.4906 | -3.4439 | -4.1296 | -20.3390 | 0.60 | 1.49 | -4.20 | 1.45 | -5.04 | -24.81 |
| CNY | 41.3066 | 41.2303 | -0.0763 | -1.4364 | -1.6369 | -8.7409 | -0.18 | 1.78 | -3.48 | 1.46 | -3.96 | -21.16 |
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 | -27.68 | 1.97 | 11-Oct-22 | 05-Sep-23 | 335 | 6 |
| EUR | 211.2799 | 332.7005 | 121.4206 | -34.59 | 2.99 | 11-Oct-22 | 31-Aug-23 | 335 | 11 |
| GBP | 240.0284 | 387.9723 | 147.9439 | -36.36 | 2.86 | 11-Oct-22 | 31-Aug-23 | 335 | 11 |
| CHF | 217.6396 | 347.1630 | 129.5234 | -35.61 | 2.71 | 11-Oct-22 | 31-Aug-23 | 335 | 11 |
| JPY | 1.4676 | 2.2178 | 0.7502 | -28.73 | 7.70 | 21-Oct-22 | 11-May-23 | 325 | 123 |
| SAR | 57.9311 | 81.8703 | 23.9392 | -27.85 | 1.96 | 11-Oct-22 | 05-Sep-23 | 335 | 6 |
| AED | 59.2946 | 83.6089 | 24.3143 | -27.68 | 1.97 | 11-Oct-22 | 05-Sep-23 | 335 | 6 |
| CNY | 30.0713 | 43.0908 | 13.0195 | -27.20 | 4.32 | 25-Oct-22 | 11-May-23 | 321 | 123 |
Copyright Mettis Link News
Posted on: 2023-09-11T16:02:26+05:00
