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PKR marks 4th straight weekly win against USD, gains 1.09 rupees WoW

PKR loses over 18 paisa against USD
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December 08, 2023 (MLN): The Pakistani rupee (PKR) extended its upward momentum this week by appreciating 1.09 rupees against the US dollar to settle at PKR 283.8715 per USD, compared to the previous week's closing of PKR 284.97 per USD.

The local unit closed today's session with a gain of 25 paisa and witnessed an intraday high (bid) of 284.05 and a low (ask) of 284.

In the open market, Exchange Companies quoted the dollar at 283 for buying and 284.75 for selling.

To note, this marks the fourth consecutive weekly gain witnessed by the local unit 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.

The positivity is also fueled by the latest trade numbers for the month of November which indicate a 13.16% MoM and a 31.72% YoY reduction in the trade deficit to clock in at $1.89 billion.

Export numbers experienced a 7.66% YoY increase, reaching $2.57bn, while imports decreased by 14.47% YoY, totaling $4.46bn.

However, the local unit closed the month of November on a negative note, as it recorded 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 report, the local unit is set to end the year as Asia’s worst-performing currency and the losses are expected to persist in 2024.

In comparison to major currencies, PKR gained 26.66 paisa against the Euro, closing at 305.9993 compared to the previous value of 306.2659.

The British Pound became cheaper by 79.38 paisa closing at 356.6703 compared to 357.4641 from a day ago.

The Swiss franc saw losses of 98.76 paisa, closing at 324.0912 compared to 325.0788 from the previous session.

Against the Japanese Yen, PKR lost 1.89 paisa, closing at 1.9693 versus 1.9504 a day ago.

The Chinese Yuan lost 5.81 paisa, closing at 39.6471 against 39.7052 from the previous session.

The Saudi Riyal closed at 75.6839 with a loss of 6.7 paisa from its value of 75.7509 a day ago.

The U.A.E Dirham decreased in value by 6.32 paisa from 77.3028 a day ago to 77.366.

In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates inched down by 5 bps to 21.42% and 21.67%.

During the current financial year, PKR has appreciated against the Dollar by 2.12 rupees or 0.75%. While the current calendar year has seen PKR depreciate by 57.44 rupees or 20.23%.

Furthermore, the State Bank of Pakistan (SBP) conducted an Open Market Operation (OMO) through which it cumulatively injected Rs4.56 trillion.

Of which Rs4.41tr were injected through reverse repo OMO. 

Meanwhile, the remaining Rs145 billion was injected through Shariah-compliant Modarabah-based OMO. 

Performance Summary

Currency Dec 08, 2023 Dec 07, 2023 Change 1 Month FYTD CYTD 1 Day 7 Day 1 Month MTD FYTD CYTD
USD 283.8715 284.1189 0.2474 3.0259 2.119 -57.4406 0.09% 0.39% 1.07% 0.46% 0.75% -20.23%
EUR 305.9993 306.2659 0.2666 0.0055 6.9315 -64.6918 0.09% 1.47% 0% 2.08% 2.27% -21.14%
GBP 356.6703 357.4641 0.7938 -5.1923 7.467 -83.5946 0.22% 0.95% -1.46% 1.54% 2.09% -23.44%
CHF 324.0912 325.0788 0.9876 -6.0583 -4.3344 -79.0626 0.3% 0.55% -1.87% 0.83% -1.34% -24.4%
JPY 1.9693 1.9504 -0.0189 -0.0664 0.023 -0.2557 -0.96% -2.4% -3.37% -1.48% 1.17% -12.98%
SAR 75.6839 75.7509 0.067 0.7956 0.5701 -15.4789 0.09% 0.37% 1.05% 0.44% 0.75% -20.45%
AED 77.3028 77.366 0.0632 0.8092 0.559 -15.6504 0.08% 0.38% 1.05% 0.45% 0.72% -20.25%
CNY 39.6471 39.7052 0.0581 -0.2346 0.0226 -7.0814 0.15% 0.59% -0.59% 0.86% 0.06% -17.86%

52 Week Performance

Currency High Low Trading Band % Since High % Since Low High Date Low Date Days Since High Days Since Low
USD 224.398 307.1 82.702 -20.95% 8.18% 09-Dec-22 05-Sep-23 364 94
EUR 236.487 332.701 96.2131 -22.72% 8.73% 12-Dec-22 31-Aug-23 361 99
GBP 270.362 387.972 117.6101 -24.2% 8.78% 06-Jan-23 31-Aug-23 336 99
CHF 240.112 347.163 107.0514 -25.91% 7.12% 12-Dec-22 31-Aug-23 361 99
JPY 1.635 2.2178 0.5828 -16.98% 12.62% 13-Dec-22 11-May-23 360 211
SAR 59.6723 81.8703 22.198 -21.16% 8.17% 09-Dec-22 05-Sep-23 364 94
AED 61.0955 83.6089 22.5134 -20.97% 8.16% 09-Dec-22 05-Sep-23 364 94
CNY 32.194 43.0908 10.8968 -18.8% 8.69% 13-Dec-22 11-May-23 360 211

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Posted on: 2023-12-08T15:46:48+05:00