November 15, 2023 (MLN): The Pakistani rupee (PKR) depreciated by 27 paisa against the US dollar in Wednesday's interbank session as the currency settled the trade at PKR 288.14, as compared to the previous day's closing of PKR 287.87 per USD.
The local unit saw an intraday high (bid) of 288.29 and a low (ask) of 288.35.
In the open market, the local unit lost 50 paisa as exchange companies quoted the dollar at 289 for buying and 290 for selling, compared to the previous closing of 288.5 for buying and 289.5 for selling.
The pressure resulting from the gap between the demand and supply of dollars again prevailed over the market and the PKR marked its 17th consecutive loss against the greenback.
The easing of trade restrictions, in accordance with the conditions set by the International Monetary Fund (IMF) for the Standby Agreement, increased demand for dollars, putting pressure on the local currency.
It is important to mention that Pakistan's trade deficit for the month of October widened by over 38% MoM to $2.099 billion compared to a deficit of $1.518bn from the previous month.
In a positive turn of events, the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has announced that the IMF is poised to finalize its review this week.
“I expect an agreement of the review to come within this week,” Georgieva told Bloomberg Television’s Haslinda Amin in an interview in Singapore on Wednesday.
Pakistan's authorities are sticking to the program in a very difficult time and a deal is close, she stated.
Policy-level talks have already been wrapped up between the IMF mission and Pakistan's economic team, with a strong likelihood of a successful outcome.
Moreover, the latest Workers' remittances data released by the central bank showed that the remittances increased by 11.54% MoM in October to $2.46 billion.
The increase is attributed to the army-backed crackdown against speculators, hoarders, and smugglers to restrict illegal dollar outflows and effectively strengthen the PKR against the USD.
As a result, non-resident Pakistanis preferred to utilize official channels, thereby enhancing the transparency of the inflow of foreign currency.
In comparison to major currencies, PKR lost 4.94 rupees against the Euro, closing at 313.15 compared to the previous value of 308.21.
The British Pound became expensive by 5.22 rupees, closing at 359.17 compared to 353.95 from a day ago.
Swiss franc saw gains of 5.1 rupees, closing at 324.41 compared to 319.31 from the previous session.
Against the Japanese Yen, PKR lost 1.31 paisa, closing at 1.912 versus 1.899 a day ago.
The Chinese Yuan gained 33.46 paisa, closing at 39.8009 against 39.4663 from the previous session.
The Saudi Riyal closed at 76.83 with a gain of 7.8 paisa from its value of 76.75 a day ago.
The U.A.E Dirham increased in value by 7.35 paisa from 78.377 a day ago to 78.451.
During the current financial year, PKR has depreciated against the Dollar by 2.15 rupees or 0.75%. While the current calendar year has seen PKR depreciate by 61.71 rupees or 21.42%.
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates inched down by 3 bps to 21.45% and 21.7%.
Performance Summary
| Currency | Nov 15, 2023 | Nov 14, 2023 | Change | 1 Month | FYTD | CYTD | 1 Day | 7 Day | 1 Month | MTD | FYTD | CYTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 288.1406 | 287.871 | -0.2696 | -11.3060 | -2.1501 | -61.7097 | -0.09% | -0.43% | -3.92% | -2.31% | -0.75% | -21.42% |
| EUR | 313.1513 | 308.2091 | -4.9422 | -21.5338 | -0.2205 | -71.8438 | -1.58% | -2.28% | -6.88% | -4.57% | -0.07% | -22.94% |
| GBP | 359.1673 | 353.9519 | -5.2154 | -22.1351 | 4.9700 | -86.0916 | -1.45% | -2.14% | -6.16% | -4.81% | 1.38% | -23.97% |
| CHF | 324.4097 | 319.3069 | -5.1028 | -17.9395 | -4.6529 | -79.3811 | -1.57% | -1.97% | -5.53% | -3.86% | -1.43% | -24.47% |
| JPY | 1.9118 | 1.8987 | -0.0131 | -0.0608 | 0.0805 | -0.1982 | -0.69% | -0.47% | -3.18% | -2.09% | 4.21% | -10.37% |
| SAR | 76.8293 | 76.7513 | -0.0780 | -3.0264 | -0.5753 | -16.6243 | -0.10% | -0.46% | -3.94% | -2.35% | -0.75% | -21.64% |
| AED | 78.4505 | 78.377 | -0.0735 | -3.0824 | -0.5887 | -16.7981 | -0.09% | -0.43% | -3.93% | -2.32% | -0.75% | -21.41% |
| CNY | 39.8009 | 39.4663 | -0.3346 | -1.9375 | -0.1312 | -7.2352 | -0.84% | -0.98% | -4.87% | -3.36% | -0.33% | -18.18% |
52 Week Performance
| Currency | High | Low | Trading Band | % Since High | % Since Low | High Date | Low Date | Days Since High | Days Since Low |
|---|---|---|---|---|---|---|---|---|---|
| USD | 222.411 | 307.1 | 84.6891 | -22.81% | 6.58% | 16-Nov-22 | 05-Sep-23 | 364 | 71 |
| EUR | 229.314 | 332.701 | 103.3866 | -26.77% | 6.24% | 22-Nov-22 | 31-Aug-23 | 358 | 76 |
| GBP | 264.346 | 387.972 | 123.6263 | -26.40% | 8.02% | 16-Nov-22 | 31-Aug-23 | 364 | 76 |
| CHF | 233.479 | 347.163 | 113.6843 | -28.03% | 7.01% | 22-Nov-22 | 31-Aug-23 | 358 | 76 |
| JPY | 1.5754 | 2.2178 | 0.6424 | -17.60% | 16.01% | 22-Nov-22 | 11-May-23 | 358 | 188 |
| SAR | 59.1753 | 81.8703 | 22.6950 | -22.98% | 6.56% | 16-Nov-22 | 05-Sep-23 | 364 | 71 |
| AED | 60.552 | 83.6089 | 23.0569 | -22.82% | 6.58% | 16-Nov-22 | 05-Sep-23 | 364 | 71 |
| CNY | 31.1028 | 43.0908 | 11.9880 | -21.85% | 8.27% | 28-Nov-22 | 11-May-23 | 352 | 188 |
Copyright Mettis Link News
Posted on: 2023-11-15T16:00:57+05:00
