PKR maintains momentum, settles at 281.11 against USD
MG News | January 11, 2024 at 03:25 PM GMT+05:00
January 11, 2024 (MLN): The Pakistani rupee (PKR) appreciated by a marginal 1.88 paisa against the US dollar in Thursday's interbank session as the currency settled the trade at PKR 281.11 per USD, compared to the previous session's closing of PKR 281.13 per USD.
The currency saw an intraday high (bid) of 281.19 and a low (ask) of 281.15.
In the open market, Exchange Companies quoted the dollar at 279.67 for buying and 281.94 for selling.
This marks the seventh consecutive victory for the home unit after it broke its 13-day upside streak against the greenback.
PKR has found stable ground amid increased liquidity in the foreign exchange market due to tighter enforcement of regulations, a shrinking money supply, a balance of payments surplus on account of low import demand, and a moratorium on Chinese debt repayments.
The positive market sentiments, attributed to the expectations of the approval of the second loan tranche worth $700 million by the International Monetary Fund (IMF), continue to benefit the local currency.
It is worth highlighting that Pakistan is scheduled to meet the IMF today for the approval of this tranche.
In comparison to major currencies, PKR lost 1.47 rupees against the Euro, closing at 308.63 compared to the previous value of 307.16.
The British Pound became expensive by 1.79 rupees closing at 358.77 compared to 356.98 from a day ago.
The Swiss franc saw gains of 63.72 paisa, closing at 330.49 compared to 329.85 from the previous session.
Against the Japanese Yen, PKR gained 0.63 paisa, closing at 1.9333 versus 1.9396 a day ago.
The Chinese Yuan gained 6.85 paisa, closing at 39.26 against 39.19 from the previous session.
The Saudi Riyal closed at 74.96 with a loss of 0.3 paisa from its values of 74.96 a day ago.
The U.A.E Dirham decreased in value by 0.4 paisa from 76.54 a day ago to 76.54.
During the current financial year, PKR has appreciated against the Dollar by 4.88 rupees or 1.74%. While the current calendar year has seen PKR appreciate by 74.97 paisa or 0.27%.
In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates inched down by 33 bps to 20.73 and 20.98%.
Performance Summary
| Currency | Jan 11, 2024 | Jan 10, 2024 | Change | 1 Month | FYTD | CYTD | 1 Day | 7 Day | 1 Month | MTD | FYTD | CYTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 281.111 | 281.1298 | 0.0188 | 2.6693 | 4.8795 | 0.7497 | 0.01% | 0.2% | 0.95% | 0.27% | 1.74% | 0.27% |
| EUR | 308.6318 | 307.1624 | -1.4694 | -2.816 | 4.299 | 2.8665 | -0.48% | -0.18% | -0.91% | 0.93% | 1.39% | 0.93% |
| GBP | 358.7679 | 356.9786 | -1.7893 | -2.0844 | 5.3694 | -0.1707 | -0.5% | -0.36% | -0.58% | -0.05% | 1.5% | -0.05% |
| CHF | 330.4856 | 329.8484 | -0.6372 | -6.5725 | -10.7288 | 4.5842 | -0.19% | 0.46% | -1.99% | 1.39% | -3.25% | 1.39% |
| JPY | 1.9333 | 1.9396 | 0.0063 | 0.0178 | 0.059 | 0.0562 | 0.33% | 1.59% | 0.92% | 2.91% | 3.05% | 2.91% |
| SAR | 74.9589 | 74.9619 | 0.003 | 0.7017 | 1.2951 | 0.2039 | 0% | 0.19% | 0.94% | 0.27% | 1.73% | 0.27% |
| AED | 76.5397 | 76.5437 | 0.004 | 0.7351 | 1.3221 | 0.203 | 0.01% | 0.2% | 0.96% | 0.27% | 1.73% | 0.27% |
| CNY | 39.2624 | 39.1939 | -0.0685 | 0.2814 | 0.4073 | 0.369 | -0.17% | 0.31% | 0.72% | 0.94% | 1.04% | 0.94% |
52 Week Performance
| Currency | High | Low | Trading Band | % Since High | % Since Low | High Date | Low Date | Days Since High | Days Since Low |
|---|---|---|---|---|---|---|---|---|---|
| USD | 228.144 | 307.1 | 78.9552 | -18.84% | 9.24% | 12-Jan-23 | 05-Sep-23 | 364 | 128 |
| EUR | 245.369 | 332.701 | 87.3312 | -20.5% | 7.8% | 12-Jan-23 | 31-Aug-23 | 364 | 133 |
| GBP | 277.15 | 387.972 | 110.8225 | -22.75% | 8.14% | 12-Jan-23 | 31-Aug-23 | 364 | 133 |
| CHF | 244.279 | 347.163 | 102.884 | -26.08% | 5.05% | 12-Jan-23 | 31-Aug-23 | 364 | 133 |
| JPY | 1.7328 | 2.2178 | 0.485 | -10.37% | 14.72% | 12-Jan-23 | 11-May-23 | 364 | 245 |
| SAR | 60.7404 | 81.8703 | 21.1299 | -18.97% | 9.22% | 13-Jan-23 | 05-Sep-23 | 363 | 128 |
| AED | 62.1139 | 83.6089 | 21.495 | -18.85% | 9.24% | 12-Jan-23 | 05-Sep-23 | 364 | 128 |
| CNY | 33.7534 | 43.0908 | 9.3374 | -14.03% | 9.75% | 17-Jan-23 | 11-May-23 | 359 | 245 |
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