March 04, 2024 (MLN): The Pakistani rupee (PKR) depreciated by 7 paisa against the US dollar in Monday's interbank session as the currency settled the trade at PKR 279.26, as compared to the previous day's closing of PKR 279.19 per USD.
The local unit saw an intraday high (bid) of 279.6 and a low (ask) of 278.95.
In the open market, exchange companies quoted the dollar at 279.41 for buying and 282.05 for selling.
To note, last week, the home unit closed with a gain of 17 paisa WoW against the mighty dollar.
Despite PKR closing on a positive note, the uncertainty surrounding the general elections held in the country on February 08, has somewhat disrupted the stable phase the home unit maintained against the USD for a significant period.
Shehbaz Sharif was elected on Sunday as the prime minister of the country for a second term.
Pakistan needs a deep surgery to bring revolutionary changes in the system and reform various sectors, the newly elected prime minister said in parliament on Sunday.
It is crucial to mention that the International Monetary Fund (IMF) has also expressed its eagerness to collaborate with the new government on policies to ensure macroeconomic stability.
The Fund appreciated the caretaker government of Pakistan for its efforts in maintaining economic stability through strict adherence to fiscal targets, while also safeguarding the social safety net.
In comparison to major currencies, PKR lost 1.04 rupees against the Euro, closing at 303.1 compared to the previous value of 302.06.
The British Pound became expensive by 1.15 rupees, closing at 354.02 compared to 352.87 from a day ago.
Swiss franc saw gains of 2.01 rupees, closing at 317.02 compared to 315.01 from the previous session.
Against the Japanese Yen, PKR lost 0.28 paisa, closing at 1.857 versus 1.854 a day ago.
The Chinese Yuan gained 0.68 paisa, closing at 38.7914 against 38.7846 from the previous session.
The Saudi Riyal closed at 74.46 with a gain of 1.66 paisa from its value of 74.45 a day ago.
The U.A.E Dirham increased in value by 1.9 paisa from 76.014 a day ago to 76.033.
During the current financial year, PKR has appreciated against the Dollar by 6.73 rupees or 2.41%. While the current calendar year has seen PKR appreciated by 2.6 rupees or 0.93%.
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates dropped by 10 bps to 21.34% and 21.59%.
The downward pressure on yields is attributed to the latest inflation figures that showed inflation slowed to a 20-month low of 23.1% YoY.
This development has strengthened market participants' hopes for a rate cut soon.
Performance Summary
| Currency | Mar 4, 2024 | Mar 1, 2024 | Change | 1 Month | FYTD | CYTD | 1 Day | 7 Day | 1 Month | MTD | FYTD | CYTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 279.2631 | 279.1932 | -0.0699 | 0.1461 | 6.7274 | 2.5976 | -0.03% | -0.02% | 0.05% | -0.05% | 2.41% | 0.93% |
| EUR | 303.0982 | 302.0592 | -1.0390 | 0.9968 | 9.8326 | 8.4001 | -0.34% | -0.26% | 0.33% | -0.22% | 3.24% | 2.77% |
| GBP | 354.0218 | 352.8723 | -1.1495 | 2.4345 | 10.1155 | 4.5754 | -0.32% | -0.04% | 0.69% | -0.22% | 2.86% | 1.29% |
| CHF | 317.0202 | 315.0099 | -2.0103 | 8.9164 | 2.7366 | 18.0496 | -0.63% | -0.01% | 2.81% | 0.20% | 0.86% | 5.69% |
| JPY | 1.8571 | 1.8543 | -0.0028 | 0.0492 | 0.1352 | 0.1324 | -0.15% | -0.09% | 2.65% | 0.44% | 7.28% | 7.13% |
| SAR | 74.4622 | 74.4456 | -0.0166 | 0.0449 | 1.7918 | 0.7006 | -0.02% | -0.02% | 0.06% | -0.05% | 2.41% | 0.94% |
| AED | 76.0334 | 76.0144 | -0.0190 | 0.0356 | 1.8284 | 0.7093 | -0.02% | -0.02% | 0.05% | -0.05% | 2.40% | 0.93% |
| CNY | 38.7914 | 38.7846 | -0.0068 | 0.1257 | 0.8783 | 0.8400 | -0.02% | -0.01% | 0.32% | 0.02% | 2.26% | 2.17% |
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 | -1.37% | 9.97% | 04-Jul-23 | 05-Sep-23 | 244 | 181 |
| EUR | 291.618 | 332.701 | 41.0830 | -3.79% | 9.77% | 16-Oct-23 | 31-Aug-23 | 140 | 186 |
| GBP | 329.977 | 387.972 | 57.9953 | -6.79% | 9.59% | 08-Mar-23 | 31-Aug-23 | 362 | 186 |
| CHF | 296.118 | 347.163 | 51.0447 | -6.59% | 9.51% | 08-Mar-23 | 31-Aug-23 | 362 | 186 |
| JPY | 1.851 | 2.2178 | 0.3668 | -0.33% | 19.42% | 16-Oct-23 | 11-May-23 | 140 | 298 |
| SAR | 73.4412 | 81.8703 | 8.4291 | -1.37% | 9.95% | 04-Jul-23 | 05-Sep-23 | 244 | 181 |
| AED | 74.9888 | 83.6089 | 8.6201 | -1.37% | 9.96% | 04-Jul-23 | 05-Sep-23 | 244 | 181 |
| CNY | 37.8634 | 43.0908 | 5.2274 | -2.39% | 11.08% | 16-Oct-23 | 11-May-23 | 140 | 298 |
Copyright Mettis Link News
Posted on: 2024-03-04T16:01:02+05:00
