February 02, 2024 (MLN): The Pakistani rupee (PKR) marked its 12th straight weekly victory against USD by appreciating 18.45 paisa against the US dollar this week to settle at PKR 279.41, as compared to the previous week's closing of PKR 279.59 per USD.
In today's session, the local unit gained 6.81 paisa and witnessed an intraday high (bid) of 279.7 and a low (ask) of 279.5.
In the open market, exchange companies quoted the dollar at 280 for buying and 281 for selling.
The recent inflation figures released this week showed that the consumer price index (CPI) for the month of January 2024 clocked in at 28.34% YoY, surpassing MG Research's estimate of 27.2% YoY.
It is pertinent to note that PKR has made a positive start to 2024, closing the month of January at Rs279.5 with a gain of 0.84% or 2.36 rupees against the mighty Dollar.
The positivity arises from improved macroeconomic conditions in the form of increased liquidity in the foreign exchange market due to tighter enforcement of regulations, a shrinking money supply, a balance of payments surplus on account of low import demand, and a moratorium on Chinese debt repayments.
In comparison to major currencies, PKR lost 2.71 rupees against the Euro, closing at 304.1 compared to the previous value of 301.39.
The British Pound became expensive by 2.93 rupees, closing at 356.46 compared to 353.52 from a day ago.
Swiss franc saw gains of 2.6 rupees, closing at 325.94 compared to 323.34 from the previous session.
Against the Japanese Yen, PKR lost 0.06 paisa, closing at 1.906 versus 1.906 a day ago.
The Chinese Yuan gained 1.57 paisa, closing at 38.9171 against 38.9014 from the previous session.
The Saudi Riyal closed at 74.51 with a loss of 1.82 paisa from its value of 74.53 a day ago.
The U.A.E Dirham decreased in value by 2.27 paisa from 76.092 a day ago to 76.069.
During the current financial year, PKR has appreciated against the Dollar by 6.58 rupees or 2.36%. While the current calendar year has seen PKR appreciated by 2.45 rupees or 0.88%.
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates inched up by 9 bps to 20.9% and 21.15%.
The State Bank of Pakistan (SBP) conducted a reverse repo and Shariah-compliant Modarabah-based Open Market Operation (OMO) today, in which it cumulatively injected a total of Rs8.93 trillion into the market.
Of which Rs8.66tr were injected through reverse repo OMO. Meanwhile, the remaining Rs273 billion was injected through Shariah-compliant Modarabah-based OMO.
Performance Summary
Currency | Feb 2, 2024 | Feb 1, 2024 | Change | 1 Month | FYTD | CYTD | 1 Day | 7 Day | 1 Month | MTD | FYTD | CYTD |
---|---|---|---|---|---|---|---|---|---|---|---|---|
USD | 279.4092 | 279.4773 | 0.0681 | 2.3150 | 6.5813 | 2.4515 | 0.02% | 0.07% | 0.83% | 0.03% | 2.36% | 0.88% |
EUR | 304.095 | 301.3884 | -2.7066 | 4.5339 | 8.8358 | 7.4033 | -0.89% | -0.54% | 1.49% | -0.58% | 2.91% | 2.43% |
GBP | 356.4563 | 353.5249 | -2.9314 | -0.2160 | 7.6810 | 2.1409 | -0.82% | -0.51% | -0.06% | -0.61% | 2.15% | 0.60% |
CHF | 325.9366 | 323.3382 | -2.5984 | 5.3089 | -6.1798 | 9.1332 | -0.80% | -1.12% | 1.63% | -0.70% | -1.90% | 2.80% |
JPY | 1.9063 | 1.9057 | -0.0006 | 0.0695 | 0.0860 | 0.0832 | -0.03% | -0.78% | 3.65% | -0.71% | 4.51% | 4.36% |
SAR | 74.5071 | 74.5253 | 0.0182 | 0.6153 | 1.7469 | 0.6557 | 0.02% | 0.07% | 0.83% | 0.03% | 2.34% | 0.88% |
AED | 76.069 | 76.0917 | 0.0227 | 0.6366 | 1.7928 | 0.6737 | 0.03% | 0.07% | 0.84% | 0.03% | 2.36% | 0.89% |
CNY | 38.9171 | 38.9014 | -0.0157 | 0.5169 | 0.7526 | 0.7143 | -0.04% | 0.06% | 1.33% | 0.01% | 1.93% | 1.84% |
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 | -6.97% | 9.91% | 27-Feb-23 | 05-Sep-23 | 340 | 150 |
EUR | 274.296 | 332.701 | 58.4043 | -9.80% | 9.41% | 27-Feb-23 | 31-Aug-23 | 340 | 155 |
GBP | 310.789 | 387.972 | 77.1830 | -12.81% | 8.84% | 27-Feb-23 | 31-Aug-23 | 340 | 155 |
CHF | 275.926 | 347.163 | 71.2367 | -15.34% | 6.51% | 27-Feb-23 | 31-Aug-23 | 340 | 155 |
JPY | 1.851 | 2.2178 | 0.3668 | -2.90% | 16.34% | 16-Oct-23 | 11-May-23 | 109 | 267 |
SAR | 69.2748 | 81.8703 | 12.5955 | -7.02% | 9.88% | 27-Feb-23 | 05-Sep-23 | 340 | 150 |
AED | 70.7677 | 83.6089 | 12.8412 | -6.97% | 9.91% | 27-Feb-23 | 05-Sep-23 | 340 | 150 |
CNY | 37.3219 | 43.0908 | 5.7689 | -4.10% | 10.72% | 27-Feb-23 | 11-May-23 | 340 | 267 |
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Posted on: 2024-02-02T16:09:46+05:00