November 30, 2023 (MLN): The Pakistani rupee (PKR) appreciated by around 22 paisa against the US dollar in Thursday's interbank session as the currency settled the trade at PKR 285.17, as compared to the previous day's closing of PKR 285.39 per USD,
The local unit saw an intraday high (bid) of 285.84 and a low (ask) of 285.35.
In the open market, the local unit remain unchanged as exchange companies quoted the dollar at 284 for buying and 287 for selling.
The local unit closed the month of November with a loss of 3.69 rupees against the mighty dollar, compared to the previous month's closing of 281.47 per USD.
To recall, the pressure resulting from the gap between the demand and supply of dollars prevailed over the market for days and the PKR suffered losses for four consecutive weeks.
According to Bloomberg's latest post, the local unit is set to end the year as Asia’s worst-performing currency and the losses are expected to persist in 2024.
However, with today's appreciation, this marks the third consecutive victory for the PKR against the greenback.
This upswing is attributed to the successful staff-level agreement (SLA) between the International Monetary Fund (IMF) and Pakistani authorities during the first review under the Stand-By Arrangement (SBA).
Pending approval by the IMF's Executive Board, the agreement will grant Pakistan access to SDR 528 million, around $700m.
While inflows following increased regulatory and law enforcement helped normalize import and FX payments and rebuild reserves, the authorities recognize that the rupee must remain market-determined to alleviate external pressures and rebuild reserves sustainably.
To support this, they plan to strengthen the transparency and efficiency of the FX market and refrain from administrative actions to influence the rupee.
Moreover, in a recent development, Pakistan is likely to receive funds worth $1.5 billion from global lenders upon the IMF's approval of the loan tranche under the $3bn SBA, the caretaker finance minister, Dr Shamshad Akhtar stated during an interview with a local news channel.
In comparison to major currencies, PKR gained 1.12 rupees against the Euro, closing at 312.37 compared to the previous value of 313.5.
The British Pound became cheaper by 10.58 paisa, closing at 362.18 compared to 362.28 from a day ago.
Swiss franc saw gains of 1.74 rupees, closing at 326.78 compared to 325.04 from the previous session.
Against the Japanese Yen, PKR lost 0.3 paisa, closing at 1.94 versus 1.937 a day ago.
The Chinese Yuan lost 6.48 paisa, closing at 39.9865 against 40.0513 from the previous session.
The Saudi Riyal closed at 76.01 with a loss of 7.53 paisa from its value of 76.09 a day ago.
The U.A.E Dirham decreased in value by 5.94 paisa from 77.712 a day ago to 77.653.
During the current financial year, PKR has appreciated against the Dollar by 0.82 rupees or 0.29%. While the current calendar year has seen PKR depreciated by 58.74 rupees or 20.6%.
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates inched up by 1 bps to 21.22% and 21.47%.
The State Bank of Pakistan (SBP) conducted a reverse repo Open Market Operation (OMO) today, in which it injected Rs759.8 billion into the market at the rate of 22.08%.
Moreover, the central bank conducted an auction yesterday in which it sold Market Treasury Bills (MTBs) worth Rs1.165 trillion for 3,6 and 12 months against a target of Rs900bn.
Cut off yields for 3, 6, and 12 months were 21.4499%, 21.4299%, and 21.4300%.
This means that the cut-off yields for 3, 6, and 12 months fell by 5bps, 7bps, and 7bps respectively.
Performance Summary
| Currency | Nov 30, 2023 | Nov 29, 2023 | Change | 1 Month | FYTD | CYTD | 1 Day | 7 Day | 1 Month | MTD | FYTD | CYTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 285.1676 | 285.3857 | 0.2181 | -3.6938 | 0.8229 | -58.7367 | 0.08% | 0.03% | -1.30% | -1.30% | 0.29% | -20.60% |
| EUR | 312.3726 | 313.4962 | 1.1236 | -13.5319 | 0.5582 | -71.0651 | 0.36% | -0.37% | -4.33% | -4.33% | 0.18% | -22.75% |
| GBP | 362.1771 | 362.2829 | 0.1058 | -20.2849 | 1.9602 | -89.1014 | 0.03% | -1.49% | -5.60% | -5.60% | 0.54% | -24.60% |
| CHF | 326.7835 | 325.0407 | -1.7428 | -14.8839 | -7.0267 | -81.7549 | -0.53% | -1.22% | -4.55% | -4.55% | -2.15% | -25.02% |
| JPY | 1.9402 | 1.9372 | -0.0030 | -0.0683 | 0.0521 | -0.2266 | -0.15% | -1.48% | -3.52% | -3.52% | 2.69% | -11.68% |
| SAR | 76.0133 | 76.0886 | 0.0753 | -0.9866 | 0.2407 | -15.8083 | 0.10% | 0.06% | -1.30% | -1.30% | 0.32% | -20.80% |
| AED | 77.6526 | 77.712 | 0.0594 | -1.0194 | 0.2092 | -16.0002 | 0.08% | 0.03% | -1.31% | -1.31% | 0.27% | -20.60% |
| CNY | 39.9865 | 40.0513 | 0.0648 | -1.5238 | -0.3168 | -7.4208 | 0.16% | -0.07% | -3.81% | -3.81% | -0.79% | -18.56% |
52 Week Performance
| Currency | High | Low | Trading Band | % Since High | % Since Low | High Date | Low Date | Days Since High | Days Since Low |
|---|---|---|---|---|---|---|---|---|---|
| USD | 223.689 | 307.1 | 83.4110 | -21.56% | 7.69% | 01-Dec-22 | 05-Sep-23 | 364 | 86 |
| EUR | 232.759 | 332.701 | 99.9414 | -25.49% | 6.51% | 01-Dec-22 | 31-Aug-23 | 364 | 91 |
| GBP | 270.171 | 387.972 | 117.8012 | -25.40% | 7.12% | 01-Dec-22 | 31-Aug-23 | 364 | 91 |
| CHF | 236.845 | 347.163 | 110.3177 | -27.52% | 6.24% | 01-Dec-22 | 31-Aug-23 | 364 | 91 |
| JPY | 1.6318 | 2.2178 | 0.5860 | -15.90% | 14.31% | 07-Dec-22 | 11-May-23 | 358 | 203 |
| SAR | 59.5083 | 81.8703 | 22.3620 | -21.71% | 7.71% | 01-Dec-22 | 05-Sep-23 | 364 | 86 |
| AED | 60.8993 | 83.6089 | 22.7096 | -21.57% | 7.67% | 02-Dec-22 | 05-Sep-23 | 363 | 86 |
| CNY | 31.627 | 43.0908 | 11.4638 | -20.91% | 7.76% | 01-Dec-22 | 11-May-23 | 364 | 203 |
Copyright Mettis Link News
Posted on: 2023-11-30T16:12:06+05:00
