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PKR on a roll, notches 7th straight day of gains against USD

PKR remains stable at 279.32 against USD
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December 06, 2023 (MLN):  The Pakistani Rupee (PKR) maintained its positive trajectory on Wednesday, appreciating over 23 paisa against the US dollar to settle at PKR 284.14, as compared to the previous day's closing of PKR 284.38 per USD.

The local unit saw an intraday high (bid) of 285.84 and a low (ask) of 284.25.

In the open market, the local unit gained 50 paisa as exchange companies quoted the dollar at 282 for buying and 285 for selling, compared to the previous day's closing of 282.5 for buying and 285.5 for selling.

It is important to mention that this marks the seventh consecutive win for 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.

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.

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 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.

In comparison to major currencies, PKR gained 1.05 rupees against the Euro, closing at 306.51 compared to the previous value of 307.55.

The British Pound became cheaper by 86.01 paisa, closing at 358.11 compared to 358.97 from a day ago.

Swiss franc saw losses of 43.16 paisa, closing at 324.79 compared to 325.22 from the previous session.

Against the Japanese Yen, PKR gained 0.37 paisa, closing at 1.933 versus 1.937 a day ago.

The Chinese Yuan lost 9.46 paisa, closing at 39.7046 against 39.7992 from the previous session.

The Saudi Riyal closed at 75.76 with a loss of 5.96 paisa from its value of 75.82 a day ago.

The U.A.E Dirham decreased in value by 6.3 paisa from 77.44 a day ago to 77.377.

During the current financial year, PKR has appreciated against the Dollar by 1.85 rupees or 0.65%. While the current calendar year has seen PKR depreciate by 57.71 rupees or 20.31%.

In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates inched up by 1 bps to 21.47% and 21.72%.

Performance Summary

Currency Dec 6, 2023 Dec 5, 2023 Change 1 Month FYTD CYTD 1 Day 7 Day 1 Month MTD FYTD CYTD
USD 284.1439 284.375 0.2311 2.2487 1.8466 -57.7130 0.08% 0.44% 0.79% 0.36% 0.65% -20.31%
EUR 306.506 307.5516 1.0456 -0.2950 6.4248 -65.1985 0.34% 2.28% -0.10% 1.91% 2.10% -21.27%
GBP 358.1065 358.9666 0.8601 -5.5715 6.0308 -85.0308 0.24% 1.17% -1.56% 1.14% 1.68% -23.74%
CHF 324.7915 325.2231 0.4316 -6.5067 -5.0347 -79.7629 0.13% 0.08% -2.00% 0.61% -1.55% -24.56%
JPY 1.9331 1.9368 0.0037 -0.0285 0.0592 -0.2195 0.19% 0.21% -1.47% 0.37% 3.06% -11.35%
SAR 75.7576 75.8172 0.0596 0.5853 0.4964 -15.5526 0.08% 0.44% 0.77% 0.34% 0.66% -20.53%
AED 77.377 77.44 0.0630 0.5975 0.4848 -15.7246 0.08% 0.43% 0.77% 0.36% 0.63% -20.32%
CNY 39.7046 39.7992 0.0946 -0.3866 -0.0349 -7.1389 0.24% 0.87% -0.97% 0.71% -0.09% -17.98%

52 Week Performance

Currency High Low Trading Band % Since High % Since Low High Date Low Date Days Since High Days Since Low
USD 224.158 307.1 82.9414 -21.11% 8.08% 07-Dec-22 05-Sep-23 364 92
EUR 234.526 332.701 98.1750 -23.48% 8.55% 07-Dec-22 31-Aug-23 364 97
GBP 270.362 387.972 117.6101 -24.50% 8.34% 06-Jan-23 31-Aug-23 334 97
CHF 238.263 347.163 108.8996 -26.64% 6.89% 07-Dec-22 31-Aug-23 364 97
JPY 1.6318 2.2178 0.5860 -15.59% 14.73% 07-Dec-22 11-May-23 364 209
SAR 59.6118 81.8703 22.2585 -21.31% 8.07% 07-Dec-22 05-Sep-23 364 92
AED 61.0295 83.6089 22.5794 -21.13% 8.05% 07-Dec-22 05-Sep-23 364 92
CNY 32.0925 43.0908 10.9983 -19.17% 8.53% 07-Dec-22 11-May-23 364 209

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Posted on: 2023-12-06T16:41:26+05:00