February 23, 2024 (MLN): The Pakistani rupee (PKR) remained releatively flat against the US dollar this week and settled today's trading session at PKR 279.36 per USD, approximately equivalent to the previous week's closing of PKR 279.36 per USD.
In today's session, the domestic unit depreciated by 3.42 paisa and witnessed an intraday high (bid) of 280 and a low (ask) of 279.75 against USD.
In the open market, exchange companies quoted the dollar at 279.59 for buying and 282.16 for selling.
After an extended period of stability, this week observed persistent fluctuations in the PKR against the USD.
The pressure may be attributed to the political unrest that had been spreading in the nation since the elections of February 08.
Although the financial markets embraced some clarity following major political parties' consensus to form a coalition government, but there still exists uncertainity in the economy.
It is crucial to mention that the International Monetary Fund (IMF) on Thursday expressed its eagerness to collaborate with the new government on policies to ensure macroeconomic stability.
The Fund appreciated the caretaker government of Pakistan for its efforts in maintaining economic stability through strict adherence to fiscal targets, while also safeguarding the social safety net.
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.
In comparison to major currencies, PKR gained 81.49 paisa against the Euro, closing at 302.55 compared to the previous value of 303.36.
The British Pound became cheaper by 43.15 paisa closing at 353.95 compared to 354.38 from a day ago.
The Swiss franc saw losses of 1.84 rupees, closing at 317.17 compared to 319.01 from the previous session.
Against the Japanese Yen, PKR gained 0.66 paisa, closing at 1.8549 versus 1.8615 a day ago.
The Chinese Yuan lost 4.87 paisa, closing at 38.81 against 38.86 from the previous session.
The Saudi Riyal closed at 74.49 with a gain of 0.91 paisa from its value of 74.48 a day ago.
The U.A.E Dirham increased in value by 1.24 paisa from 76.06 a day ago to 76.05.
During the current financial year, PKR has appreciated against the Dollar by 6.63 rupees or 2.37%. While the current calendar year has seen PKR appreciate by 2.5 rupees or 0.89%.
In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates inched up by 1 bps to 21.43% and 21.68%.
The central bank sold Market Treasury Bills (MTBs) worth Rs361.32 billion against a target of Rs300bn in the auction conducted on Wednesday.
However, it is pertinent to note that the cutoff yields in the auction witnessed a rise of up to 126bps.
Yields have started to pick up since the central bank in its last meeting kept borrowing costs at a record high of 22% for a fifth consecutive meeting to curb inflation.
Performance Summary
Currency | Feb 23, 2024 | Feb 22, 2024 | Change | 1 Month | FYTD | CYTD | 1 Day | 7 Day | 1 Month | MTD | FYTD | CYTD |
---|---|---|---|---|---|---|---|---|---|---|---|---|
USD | 279.3623 | 279.3281 | -0.0342 | 0.3115 | 6.6282 | 2.4984 | -0.01% | 0% | 0.11% | 0.05% | 2.37% | 0.89% |
EUR | 302.5494 | 303.3643 | 0.8149 | 1.6518 | 10.3814 | 8.9489 | 0.27% | -0.62% | 0.55% | -0.07% | 3.43% | 2.96% |
GBP | 353.9521 | 354.3836 | 0.4315 | 1.6811 | 10.1852 | 4.6451 | 0.12% | -0.72% | 0.47% | 0.09% | 2.88% | 1.31% |
CHF | 317.1689 | 319.0134 | 1.8445 | 5.1474 | 2.5879 | 17.9009 | 0.58% | -0.08% | 1.62% | 2.04% | 0.82% | 5.64% |
JPY | 1.8549 | 1.8615 | 0.0066 | 0.0386 | 0.1374 | 0.1346 | 0.36% | 0.23% | 2.08% | 2.04% | 7.41% | 7.26% |
SAR | 74.4867 | 74.4776 | -0.0091 | 0.086 | 1.7673 | 0.6761 | -0.01% | 0% | 0.12% | 0.06% | 2.37% | 0.91% |
AED | 76.0594 | 76.047 | -0.0124 | 0.0848 | 1.8024 | 0.6833 | -0.02% | 0% | 0.11% | 0.05% | 2.37% | 0.9% |
CNY | 38.8095 | 38.8582 | 0.0487 | 0.2233 | 0.8602 | 0.8219 | 0.13% | 0.06% | 0.58% | 0.29% | 2.22% | 2.12% |
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 | -6.96% | 9.93% | 27-Feb-23 | 05-Sep-23 | 361 | 171 |
EUR | 274.296 | 332.701 | 58.4043 | -9.34% | 9.97% | 27-Feb-23 | 31-Aug-23 | 361 | 176 |
GBP | 310.789 | 387.972 | 77.183 | -12.19% | 9.61% | 27-Feb-23 | 31-Aug-23 | 361 | 176 |
CHF | 275.926 | 347.163 | 71.2367 | -13% | 9.46% | 27-Feb-23 | 31-Aug-23 | 361 | 176 |
JPY | 1.851 | 2.2178 | 0.3668 | -0.21% | 19.56% | 16-Oct-23 | 11-May-23 | 130 | 288 |
SAR | 69.2748 | 81.8703 | 12.5955 | -7% | 9.91% | 27-Feb-23 | 05-Sep-23 | 361 | 171 |
AED | 70.7677 | 83.6089 | 12.8412 | -6.96% | 9.93% | 27-Feb-23 | 05-Sep-23 | 361 | 171 |
CNY | 37.3219 | 43.0908 | 5.7689 | -3.83% | 11.03% | 27-Feb-23 | 11-May-23 | 361 | 288 |
Copyright Mettis Link News
Posted on: 2024-02-23T16:31:57+05:00