January 08, 2024 (MLN): The Pakistani rupee (PKR) appreciated by 11.49 paisa against the US dollar in Monday's interbank session as the currency settled the trade at PKR 281.28 per USD, compared to the previous session's closing of PKR 281.4 per USD.
The Currency saw an intraday high (bid) of 281.68 and a low (ask) of 281.5.
In the open market, Exchange Companies quoted the dollar at 279.98 for buying and 282.34 for selling.
It is crucial to note that the domestic currency concluded the first week of 2024 by extending its upward trend for the eighth consecutive week.
One of the key developments during the week was that the local unit snapped its 13-day-long winning streak against the greenback in the first trading session of 2024, depreciating by a mere 3.37 paisa against the US dollar.
However, the home currency made a strong comeback on Wednesday and maintained its upward trend towards the last trading session of the week.
The positive market sentiments, attributed to the expectations of the approval of the second loan tranche worth $700 million by the International Monetary Fund (IMF), continue to benefit the local currency.
It is worth highlighting that Pakistan has been included in the IMF's meeting agenda for January 11, 2024.
Moreover, the latest trade numbers released by the Pakistan Bureau of Statistics (PBS) have also shown satisfactory results as the country's trade deficit reduced significantly by 13.43% MoM and 40.13% YoY in December.
The improvement in the trade deficit is attributed to a significant 9.29% MoM surge in exports, combined with a marginal yet crucial 0.55% MoM decline in imports.
In comparison to major currencies, PKR lost 21.2 paisa against the Euro, closing at 307.56 compared to the previous value of 307.34.
The British Pound became expensive by 58.57 paisa closing at 357.26 compared to 356.67 from a day ago.
The Swiss franc saw gains of 11.74 paisa, closing at 330.53 compared to 330.42 from the previous session.
Against the Japanese Yen, PKR lost 0.49 paisa, closing at 1.9455 versus 1.9406 a day ago.
The Chinese Yuan lost 1.71 paisa, closing at 39.27 against 39.29 from the previous session.
The Saudi Riyal closed at 75 with a loss of 3.06 paisa from its values of 75.03 a day ago.
The U.A.E Dirham decreased in value by 3.13 paisa from 76.59 a day ago to 76.62.
During the current financial year, PKR has appreciated against the Dollar by 4.71 rupees or 1.67%. While the current calendar year has seen PKR appreciate by 57.59 paisa or 0.2%.
In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates inched down by 1 bps to 21.12 and 21.37%.
Performance Summary
| Currency | Jan 08, 2024 | Jan 05, 2024 | Change | 1 Month | FYTD | CYTD | 1 Day | 7 Day | 1 Month | MTD | FYTD | CYTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 281.2848 | 281.3997 | 0.1149 | 2.5867 | 4.7057 | 0.5759 | 0.04% | 0.2% | 0.92% | 0.2% | 1.67% | 0.2% |
| EUR | 307.5568 | 307.3448 | -0.212 | -1.5575 | 5.374 | 3.9415 | -0.07% | 1.28% | -0.51% | 1.28% | 1.75% | 1.28% |
| GBP | 357.2598 | 356.6741 | -0.5857 | -0.5895 | 6.8775 | 1.3374 | -0.16% | 0.37% | -0.17% | 0.37% | 1.93% | 0.37% |
| CHF | 330.5345 | 330.4171 | -0.1174 | -6.4433 | -10.7777 | 4.5353 | -0.04% | 1.37% | -1.95% | 1.37% | -3.26% | 1.37% |
| JPY | 1.9455 | 1.9406 | -0.0049 | 0.0238 | 0.0468 | 0.044 | -0.25% | 2.26% | 1.22% | 2.26% | 2.41% | 2.26% |
| SAR | 75.0033 | 75.0339 | 0.0306 | 0.6806 | 1.2507 | 0.1595 | 0.04% | 0.21% | 0.91% | 0.21% | 1.67% | 0.21% |
| AED | 76.587 | 76.6183 | 0.0313 | 0.7158 | 1.2748 | 0.1557 | 0.04% | 0.2% | 0.93% | 0.2% | 1.66% | 0.2% |
| CNY | 39.2708 | 39.2879 | 0.0171 | 0.3763 | 0.3989 | 0.3606 | 0.04% | 0.92% | 0.96% | 0.92% | 1.02% | 0.92% |
52 Week Performance
| Currency | High | Low | Trading Band | % Since High | % Since Low | High Date | Low Date | Days Since High | Days Since Low |
|---|---|---|---|---|---|---|---|---|---|
| USD | 227.406 | 307.1 | 79.6939 | -19.15% | 9.18% | 09-Jan-23 | 05-Sep-23 | 364 | 125 |
| EUR | 242.926 | 332.701 | 89.7744 | -21.01% | 8.18% | 09-Jan-23 | 31-Aug-23 | 364 | 130 |
| GBP | 276.321 | 387.972 | 111.6516 | -22.66% | 8.6% | 09-Jan-23 | 31-Aug-23 | 364 | 130 |
| CHF | 244.279 | 347.163 | 102.884 | -26.1% | 5.03% | 12-Jan-23 | 31-Aug-23 | 361 | 130 |
| JPY | 1.7207 | 2.2178 | 0.4971 | -11.55% | 14% | 09-Jan-23 | 11-May-23 | 364 | 242 |
| SAR | 60.5237 | 81.8703 | 21.3466 | -19.31% | 9.16% | 09-Jan-23 | 05-Sep-23 | 364 | 125 |
| AED | 61.9136 | 83.6089 | 21.6953 | -19.16% | 9.17% | 09-Jan-23 | 05-Sep-23 | 364 | 125 |
| CNY | 33.5436 | 43.0908 | 9.5472 | -14.58% | 9.73% | 09-Jan-23 | 11-May-23 | 364 | 242 |
Copyright Mettis Link News
Posted on: 2024-01-08T15:38:10+05:00
