August 03, 2023 (MLN): The Pakistani rupee (PKR) snapped the 3-day losing streak by appreciating 2.18 rupees against the US dollar in Thursday's interbank session as the currency settled the trade at PKR 287.20 per USD, compared to the previous session's closing of PKR 289.38 per USD.
The currency saw an intraday high (bid) of 287.5 and a low (ask) of 287.
In the open market, Exchange Companies quoted the dollar at 288 for buying and 292 for selling.
The appreciation can be attributed to the positivity surrounding the approval of the Pakistan Sovereign Wealth Fund worth $8 billion by the majority of the senators on August 03.
The newly established Sovereign Wealth Fund will have the authority to engage in various types of transactions, including divestment through sales and making strategic investments.
Moreover, the fund will exploit the three drivers of growth; mining, agriculture, and information technology up to their full potential.
In comparison to major currencies, PKR gained 4.17 rupees against the Euro, closing at 313.54 compared to the previous value of 317.71.
The British Pound became cheaper by 5.53 rupees closing at 364.53 compared to 370.06 from a day ago.
The Swiss franc saw losses of 2.45 rupees, closing at 327.11 compared to 329.55 from the previous session.
Against the Japanese Yen, PKR gained 2.34 paisa, closing at 2.007 versus 2.03 a day ago.
The Chinese Yuan lost 34.21 paisa, closing at 39.94 against 40.28 from the previous session.
The Saudi Riyal decreased in value by 59.45 paisa from 78.78 a day ago to 78.19.
The U.A.E Dirham closed at 76.55 with a loss of 57.07 paisa from its value of 77.12 a day ago.
During the current financial year, PKR has depreciated against the Dollar by 1.21 rupees or 0.42%. While the current calendar year has seen PKR depreciate by 60.77 rupees or 21.16%.
In the Money Market, the benchmark 6-Month Karachi Interbank Bid and Offer rates inched down by 6 bps to 22.7% and 22.95%.
Performance Summary
| Currency | Aug 03, 2023 | Aug 02, 2023 | Change | 1 Month | FYTD | CYTD | 1 Day % | 7 Day % | 1 Month % | MTD % | FYTD % | CYTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 287.20 | 289.38 | 2.18 | -11.76 | -1.21 | -60.77 | 0.76 | -0.26 | -4.10 | -0.20 | -0.42 | -21.16 |
| EUR | 313.54 | 317.71 | 4.17 | -13.40 | -0.61 | -72.23 | 1.33 | 1.65 | -4.27 | 0.83 | -0.19 | -23.04 |
| GBP | 364.53 | 370.06 | 5.53 | -14.84 | -0.39 | -91.46 | 1.52 | 2.00 | -4.07 | 1.07 | -0.11 | -25.09 |
| CHF | 327.11 | 329.55 | 2.45 | -19.63 | -7.35 | -82.08 | 0.75 | 2.17 | -6.00 | 0.72 | -2.25 | -25.09 |
| JPY | 2.007 | 2.03 | 0.023 | -0.099 | -0.014 | -0.29 | 1.17 | 2.07 | -4.93 | 0.30 | -0.71 | -14.60 |
| SAR | 76.55 | 77.12 | 0.57 | -3.11 | -0.30 | -16.35 | 0.75 | -0.25 | -4.07 | -0.18 | -0.39 | -21.36 |
| AED | 78.19 | 78.78 | 0.59 | -3.20 | -0.33 | -16.54 | 0.76 | -0.26 | -4.09 | -0.19 | -0.42 | -21.15 |
| CNY | 39.94 | 40.28 | 0.34 | -1.78 | -0.27 | -7.38 | 0.86 | 0.49 | -4.46 | 0.41 | -0.68 | -18.47 |
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 | -25.52 | 4.08 | 16-Aug-22 | 11-May-23 | 352 | 84 |
| EUR | 211.28 | 326.85 | 115.57 | -32.61 | 4.25 | 11-Oct-22 | 11-May-23 | 296 | 84 |
| GBP | 240.03 | 376.33 | 136.30 | -34.15 | 3.24 | 11-Oct-22 | 11-May-23 | 296 | 84 |
| CHF | 217.64 | 334.23 | 116.59 | -33.47 | 2.18 | 11-Oct-22 | 11-May-23 | 296 | 84 |
| JPY | 1.47 | 2.218 | 0.75 | -26.86 | 10.53 | 21-Oct-22 | 11-May-23 | 286 | 84 |
| SAR | 56.97 | 79.70 | 22.73 | -25.58 | 4.12 | 16-Aug-22 | 11-May-23 | 352 | 84 |
| AED | 58.23 | 81.41 | 23.17 | -25.52 | 4.11 | 16-Aug-22 | 11-May-23 | 352 | 84 |
| CNY | 30.07 | 43.09 | 13.02 | -24.71 | 7.89 | 25-Oct-22 | 11-May-23 | 282 | 84 |
Copyright Mettis Link News
Posted on: 2023-08-03T15:54:36+05:00
