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PKR rebounds, gains 7 paisa against USD

PKR loses around 9 paisa against USD in a week
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February 21, 2024 (MLN): The Pakistani rupee (PKR) appreciated by 6.64 paisa against the US dollar in Wednesday's interbank session as the currency settled the trade at PKR 279.5 per USD, compared to the previous session's closing of PKR 279.57 per USD.

The currency saw an intraday high (bid) of 279.8 and a low (ask) of 279.6.

In the open market, exchange companies quoted the dollar at 279.80 for buying and 282.44 for selling.

The home unit closed yesterday's session weaker against the USD due to the political unrest that had been spreading in the nation since the elections of February 08.

However, PKR has witnessed a strong rebound today after the financial markets embraced clarity after major political parties reached a consensus yesterday to form a coalition government.

It is crucial to mention here that  Pak Rupee's Real Effective Exchange Rate Index (REER) increased by 2.91% MoM in January 2023 to a provisional value of 101.7 from the revised value of 98.83 in December 2023.

On a year-on-year basis, the REER index has increased by 8.24% compared to January 2023.

However, the latest data on the country's macroeconomic indicators as released by the central bank disclosed disturbing figures.

Pakistan's current account balance transitioned into the red zone due to a decline in exports and an increase in imports.

The data further showed that the Foreign Direct Investment (FDI) into the country stood at negative $173.2m in January due to divestment by Chinese investors.

The financial markets are currently witnessing uncertainty due to continuous delays in election outcomes.

According to Fitch Ratings, the near-term political uncertainty may complicate the country’s efforts to secure a financing agreement with the International Monetary Fund (IMF), to succeed the Stand-By Arrangement (SBA) expiring in March 2024

In comparison to major currencies, PKR lost 82.28 paisa against the Euro, closing at 302.07 compared to the previous value of 301.25.

The British Pound became expensive by 74.09 paisa closing at 352.69 compared to 351.94 from a day ago.

The Swiss franc saw gains of 66.07 paisa, closing at 317.11 compared to 316.45 from the previous session.

Against the Japanese Yen, PKR lost 0.2 paisa, closing at 1.8612 versus 1.8592 a day ago.

The Chinese Yuan gained 4.27 paisa, closing at 38.88 against 38.84 from the previous session.

The Saudi Riyal closed at 74.52 with a loss of 1.97 paisa from its value of 74.54 a day ago.

The U.A.E Dirham decreased in value by 2.01 paisa from 76.1 a day ago to 76.12.

During the current financial year, PKR has appreciated against the Dollar by 6.49 rupees or 2.32%. While the current calendar year has seen PKR appreciate by 2.36 rupees or 0.84%.

In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates moved up by 7 bps to 21.42% and 21.67%.

Performance Summary

Currency Feb 21, 2024 Feb 20, 2024 Change 1 Month FYTD CYTD 1 Day 7 Day 1 Month MTD FYTD CYTD
USD 279.499 279.5654 0.0664 0.352 6.4915 2.3617 0.02% -0.07% 0.13% 0% 2.32% 0.84%
EUR 302.0685 301.2457 -0.8228 2.7732 10.8623 9.4298 -0.27% -1.05% 0.92% 0.09% 3.6% 3.12%
GBP 352.6858 351.9449 -0.7409 2.641 11.4515 5.9114 -0.21% -0.63% 0.75% 0.45% 3.25% 1.68%
CHF 317.108 316.4473 -0.6607 4.967 2.6488 17.9618 -0.21% -0.8% 1.57% 2.06% 0.84% 5.66%
JPY 1.8612 1.8592 -0.002 0.0283 0.1311 0.1283 -0.11% -0.31% 1.52% 1.7% 7.04% 6.89%
SAR 74.5231 74.5428 0.0197 0.0919 1.7309 0.6397 0.03% -0.06% 0.12% 0.01% 2.32% 0.86%
AED 76.0966 76.1167 0.0201 0.0958 1.7652 0.6461 0.03% -0.06% 0.13% 0% 2.32% 0.85%
CNY 38.879 38.8363 -0.0427 0.0073 0.7907 0.7524 -0.11% -0.13% 0.02% 0.11% 2.03% 1.94%

52 Week Performance

Currency High Low Trading Band % Since High % Since Low High Date Low Date Days Since High Days Since Low
USD 259.923 307.1 47.1771 -7% 9.88% 27-Feb-23 05-Sep-23 359 169
EUR 274.296 332.701 58.4043 -9.19% 10.14% 27-Feb-23 31-Aug-23 359 174
GBP 310.789 387.972 77.183 -11.88% 10.01% 27-Feb-23 31-Aug-23 359 174
CHF 275.926 347.163 71.2367 -12.99% 9.48% 27-Feb-23 31-Aug-23 359 174
JPY 1.851 2.2178 0.3668 -0.55% 19.16% 16-Oct-23 11-May-23 128 286
SAR 69.2748 81.8703 12.5955 -7.04% 9.86% 27-Feb-23 05-Sep-23 359 169
AED 70.7677 83.6089 12.8412 -7% 9.87% 27-Feb-23 05-Sep-23 359 169
CNY 37.3219 43.0908 5.7689 -4% 10.83% 27-Feb-23 11-May-23 359 286

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Posted on: 2024-02-21T15:49:10+05:00