December 07, 2023 (MLN): The Pakistani rupee (PKR) appreciated by 2.5 paisa against the US dollar in Thursday's interbank session as the currency settled the trade at PKR 284.1189 per USD, compared to the previous session's closing of PKR 284.1439 per USD.
The currency saw an intraday high (bid) of 284.55 and a low (ask) of 283.75.
In the open market, Exchange Companies quoted the dollar at 283 for buying and 285 for selling.
It is important to mention that this marks the eighth 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.
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 24.01 paisa against the Euro, closing at 306.2659 compared to the previous value of 306.506.
The British Pound became cheaper by 64.24 paisa closing at 357.4641 compared to 358.1065 from a day ago.
The Swiss franc saw gains of 28.73 paisa, closing at 325.0788 compared to 324.7915 from the previous session.
Against the Japanese Yen, PKR lost 1.73 paisa, closing at 1.9504 versus 1.9331 a day ago.
The Chinese Yuan gained 0.06 paisa, closing at 39.7052 against 39.7046 from the previous session.
The Saudi Riyal closed at 75.7509 with a loss of 0.67 paisa from its values of 75.7576 a day ago.
The U.A.E Dirham decreased in value by 1.1 paisa from 77.366 a day ago to 77.377.
During the current financial year, PKR has appreciated against the Dollar by 1.87 rupees or 0.66%. While the current calendar year has seen PKR depreciate by 57.69 rupees or 20.3%.
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 07, 2023 | Dec 06, 2023 | Change | 1 Month | FYTD | CYTD | 1 Day | 7 Day | 1 Month | MTD | FYTD | CYTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 284.1189 | 284.1439 | 0.025 | 2.7785 | 1.8716 | -57.688 | 0.01% | 0.37% | 0.98% | 0.37% | 0.66% | -20.3% |
| EUR | 306.2659 | 306.506 | 0.2401 | -0.2611 | 6.6649 | -64.9584 | 0.08% | 1.99% | -0.09% | 1.99% | 2.18% | -21.21% |
| GBP | 357.4641 | 358.1065 | 0.6424 | -5.9861 | 6.6732 | -84.3884 | 0.18% | 1.32% | -1.67% | 1.32% | 1.87% | -23.61% |
| CHF | 325.0788 | 324.7915 | -0.2873 | -7.0459 | -5.322 | -80.0502 | -0.09% | 0.52% | -2.17% | 0.52% | -1.64% | -24.62% |
| JPY | 1.9504 | 1.9331 | -0.0173 | -0.0475 | 0.0419 | -0.2368 | -0.89% | -0.52% | -2.44% | -0.52% | 2.15% | -12.14% |
| SAR | 75.7509 | 75.7576 | 0.0067 | 0.7286 | 0.5031 | -15.5459 | 0.01% | 0.35% | 0.96% | 0.35% | 0.66% | -20.52% |
| AED | 77.366 | 77.377 | 0.011 | 0.746 | 0.4958 | -15.7136 | 0.01% | 0.37% | 0.96% | 0.37% | 0.64% | -20.31% |
| CNY | 39.7052 | 39.7046 | -0.0006 | -0.2927 | -0.0355 | -7.1395 | 0% | 0.71% | -0.74% | 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 | 224.368 | 307.1 | 82.7314 | -21.03% | 8.09% | 08-Dec-22 | 05-Sep-23 | 364 | 93 |
| EUR | 235.912 | 332.701 | 96.7886 | -22.97% | 8.63% | 08-Dec-22 | 31-Aug-23 | 364 | 98 |
| GBP | 270.362 | 387.972 | 117.6101 | -24.37% | 8.53% | 06-Jan-23 | 31-Aug-23 | 335 | 98 |
| CHF | 238.55 | 347.163 | 108.613 | -26.62% | 6.79% | 08-Dec-22 | 31-Aug-23 | 364 | 98 |
| JPY | 1.635 | 2.2178 | 0.5828 | -16.17% | 13.71% | 13-Dec-22 | 11-May-23 | 359 | 210 |
| SAR | 59.6645 | 81.8703 | 22.2058 | -21.24% | 8.08% | 08-Dec-22 | 05-Sep-23 | 364 | 93 |
| AED | 61.0866 | 83.6089 | 22.5223 | -21.04% | 8.07% | 08-Dec-22 | 05-Sep-23 | 364 | 93 |
| CNY | 32.1737 | 43.0908 | 10.9171 | -18.97% | 8.53% | 08-Dec-22 | 11-May-23 | 364 | 210 |
Copyright Mettis Link News
Posted on: 2023-12-07T15:46:28+05:00
