April 19, 2024 (MLN): The Pakistani rupee (PKR) depreciated by around 37 paisa this week, closing the interbank trade of the last session at PKR 278.31 per USD, compared to the previous week's closing of PKR 277.94 per USD.
Today, the currency snapped its four-day losing streak and appreciated by around 13 paisa.
It saw an intraday high (bid) of 278.4 and a low (ask) of 278.2.
While in the open market, exchange companies quoted the dollar at 278.2 for buying and 278.4 for selling.
The conflict-ridden situation in the Middle East has begun to impact the domestic currency, as oil prices continue to escalate.
However, the government does not anticipate any significant currency devaluation as part of its negotiations with the International Monetary Fund to unlock billions of dollars in lending and bolster the nation’s economic reform agenda.
Finance Minister Muhammad Aurangzeb said there’d be no reason for the rupee to depreciate more than the range of about 6% to 8% seen in a typical year. Pakistan last devalued its currency in January 2023.
In comparison to major currencies, PKR gained 1.04 rupees against the Euro, closing at 296.44 compared to the previous value of 297.48.
The British Pound became cheaper by 1.07 rupees closing at 346.28 compared to 347.35 from a day ago.
The Swiss franc saw losses of 0.69 paisa, closing at 306.37 compared to 306.38 from the previous session.
Against the Japanese Yen, PKR gained 0.21 paisa, closing at 1.8025 versus 1.8046 a day ago.
The Chinese Yuan lost 2.74 paisa, closing at 38.43 against 38.46 from the previous session.
The Saudi Riyal closed at 74.19 with a loss of 3.83 paisa from its value of 74.23 a day ago.
The U.A.E Dirham decreased in value by 3.92 paisa from 75.78 a day ago to 75.82.
During the current financial year, PKR has appreciated against the Dollar by 7.68 rupees or 2.76%. While the current calendar year has seen PKR appreciate by 3.55 rupees or 1.28%.
In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates inched down by 1 bps to 21.42% and 21.67%.
The State Bank of Pakistan (SBP) conducted a reverse repo and Shariah-compliant Modarabah-based Open Market Operation (OMO) today, in which it cumulatively injected a total of Rs7.7 trillion into the market.
Of the total amount, Rs7.33tr was injected through reverse repo OMO.
Meanwhile, the remaining Rs365 billion was injected through Shariah-compliant Modarabah-based OMO.
Performance Summary
| Currency | Apr 19, 2024 | Apr 18, 2024 | Change | 1 Month | FYTD | CYTD | 1 Day | 7 Day | 1 Month | MTD | FYTD | CYTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 278.3074 | 278.4363 | 0.1289 | 0.1016 | 7.6831 | 3.5533 | 0.05% | -0.13% | 0.04% | -0.13% | 2.76% | 1.28% |
| EUR | 296.4391 | 297.4813 | 1.0422 | 5.9131 | 16.4917 | 15.0592 | 0.35% | 1.75% | 1.99% | 1.05% | 5.56% | 5.08% |
| GBP | 346.2839 | 347.3492 | 1.0653 | 7.5183 | 17.8534 | 12.3133 | 0.31% | 1.56% | 2.17% | 1.32% | 5.16% | 3.56% |
| CHF | 306.371 | 306.3779 | 0.0069 | 6.4833 | 13.3858 | 28.6988 | 0% | 0.23% | 2.12% | 0.62% | 4.37% | 9.37% |
| JPY | 1.8025 | 1.8046 | 0.0021 | 0.0351 | 0.1898 | 0.187 | 0.12% | 1.51% | 1.95% | 1.87% | 10.53% | 10.37% |
| SAR | 74.1876 | 74.2259 | 0.0383 | 0.0489 | 2.0664 | 0.9752 | 0.05% | -0.12% | 0.07% | -0.1% | 2.79% | 1.31% |
| AED | 75.7794 | 75.8186 | 0.0392 | 0.0308 | 2.0824 | 0.9633 | 0.05% | -0.12% | 0.04% | -0.12% | 2.75% | 1.27% |
| CNY | 38.4336 | 38.461 | 0.0274 | 0.2378 | 1.2361 | 1.1978 | 0.07% | -0.03% | 0.62% | 0.11% | 3.22% | 3.12% |
52 Week Performance
| Currency | High | Low | Trading Band | % Since High | % Since Low | High Date | Low Date | Days Since High | Days Since Low |
|---|---|---|---|---|---|---|---|---|---|
| USD | 275.438 | 307.1 | 31.6619 | -1.03% | 10.35% | 04-Jul-23 | 05-Sep-23 | 290 | 227 |
| EUR | 291.618 | 332.701 | 41.083 | -1.63% | 12.23% | 16-Oct-23 | 31-Aug-23 | 186 | 232 |
| GBP | 337.032 | 387.972 | 50.9401 | -2.67% | 12.04% | 16-Oct-23 | 31-Aug-23 | 186 | 232 |
| CHF | 306.458 | 347.163 | 40.7049 | 0.03% | 13.31% | 13-Oct-23 | 31-Aug-23 | 189 | 232 |
| JPY | 1.851 | 2.2178 | 0.3668 | 2.69% | 23.04% | 16-Oct-23 | 11-May-23 | 186 | 344 |
| SAR | 73.4412 | 81.8703 | 8.4291 | -1.01% | 10.36% | 04-Jul-23 | 05-Sep-23 | 290 | 227 |
| AED | 74.9888 | 83.6089 | 8.62010 | -1.04% | 10.33% | 04-Jul-23 | 05-Sep-23 | 290 | 227 |
| CNY | 37.8634 | 43.0908 | 5.2274 | -1.48% | 12.12% | 16-Oct-23 | 11-May-23 | 186 | 344 |
Copyright Mettis Link News
Posted on: 2024-04-19T16:31:54+05:00
