November 01, 2023 (MLN): The Pakistani rupee (PKR) depreciated by 1.17 rupees against the US dollar in Wednesday's interbank session as the currency settled the trade at PKR 282.65, compared to the previous day's closing of PKR 280.95 per USD.
The local unit saw an intraday high (bid) of 282.75 and a low (ask) of 281.9.
In the open market, the local unit lost 50 paisa as the exchange companies quoted the dollar at 280.5 for buying and 283.5 for selling compared to the previous closing of 280 for buying and 283 for selling.
To note, this marks the eighth consecutive session in which the local currency has lost its value against the U.S. Dollar.
Moreover, the PKR concluded the month of October with a gain of 6.26 rupees or 2.23% against the greenback.
It is important to mention that the State Bank of Pakistan (SBP) in its Monetary Policy Committee (MPC) meeting held on Monday decided to keep interest rates unchanged at 22%.
This decision came in line with the market expectations.
The performance of the best-performing currency the Pakistani rupee (PKR) will be short-lived in the backdrop of financing risks and the upcoming elections, according to Goldman Sachs's analyst.
"The recent appreciation of the Pakistani rupee will likely be short-lived, given soaring interest costs and only short-term arrangements with the IMF and bilateral financing to support the external balance," analysts led by Kamakshya Trivedi wrote in a Wednesday report.
"The market will continue to require a premium for Pakistan's rupee ahead of elections," he added.
In comparison to major currencies, PKR gained 76.16 paisa against the Euro, closing at 298.08 compared to the previous value of 298.84.
The British Pound became expensive by 1.11 rupees, closing at 343.01 compared to 341.89 from a day ago.
Swiss franc saw losses of 1.26 rupees, closing at 310.63 compared to 311.9 from the previous session.
Against the Japanese Yen, PKR gained 0.33 paisa, closing at 1.869 versus 1.872 a day ago.
The Chinese Yuan gained 15.39 paisa, closing at 38.6166 against 38.4627 from the previous session.
The Saudi Riyal closed at 75.34 with a gain of 31.56 paisa from its value of 75.03 a day ago.
The U.A.E Dirham increased in value by 32.14 paisa from 76.633 a day ago to 76.955.
During the current financial year, PKR has appreciated against the Dollar by 3.34 rupees or 1.18%. While the current calendar year has seen PKR depreciate by 56.22 rupees or 19.89%.
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates were unchanged at 21.75% and 22%.
Performance Summary
| Currency | Nov 1, 2023 | Oct 31, 2023 | Change | 1 Month | FYTD | CYTD | 1 Day | 7 Day | 1 Month | MTD | FYTD | CYTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 282.6465 | 281.4738 | -1.1727 | 4.1138 | 3.3440 | -56.2156 | -0.41% | -0.98% | 1.46% | -0.41% | 1.18% | -19.89% |
| EUR | 298.0791 | 298.8407 | 0.7616 | 4.8258 | 14.8517 | -56.7716 | 0.26% | -0.51% | 1.62% | 0.26% | 4.98% | -19.05% |
| GBP | 343.0058 | 341.8922 | -1.1136 | 6.4976 | 21.1315 | -69.9301 | -0.32% | -0.88% | 1.89% | -0.32% | 6.16% | -20.39% |
| CHF | 310.6348 | 311.8996 | 1.2648 | 3.9506 | 9.1220 | -65.6062 | 0.41% | 0.78% | 1.27% | 0.41% | 2.94% | -21.12% |
| JPY | 1.8686 | 1.8719 | 0.0033 | 0.0469 | 0.1237 | -0.1550 | 0.18% | -0.06% | 2.51% | 0.18% | 6.62% | -8.29% |
| SAR | 75.3423 | 75.0267 | -0.3156 | 1.1169 | 0.9117 | -15.1373 | -0.42% | -0.97% | 1.48% | -0.42% | 1.21% | -20.09% |
| AED | 76.9546 | 76.6332 | -0.3214 | 1.1179 | 0.9072 | -15.3022 | -0.42% | -0.98% | 1.45% | -0.42% | 1.18% | -19.88% |
| CNY | 38.6166 | 38.4627 | -0.1539 | 0.6576 | 1.0531 | -6.0509 | -0.40% | -0.93% | 1.70% | -0.40% | 2.73% | -15.67% |
52 Week Performance
| Currency | High | Low | Trading Band | % Since High | % Since Low | High Date | Low Date | Days Since High | Days Since Low |
|---|---|---|---|---|---|---|---|---|---|
| USD | 221.422 | 307.1 | 85.6778 | -21.66% | 8.65% | 10-Nov-22 | 05-Sep-23 | 356 | 57 |
| EUR | 216.828 | 332.701 | 115.8730 | -27.26% | 11.61% | 04-Nov-22 | 31-Aug-23 | 362 | 62 |
| GBP | 248.795 | 387.972 | 139.1771 | -27.47% | 13.11% | 04-Nov-22 | 31-Aug-23 | 362 | 62 |
| CHF | 219.528 | 347.163 | 127.6353 | -29.33% | 11.76% | 04-Nov-22 | 31-Aug-23 | 362 | 62 |
| JPY | 1.5003 | 2.2178 | 0.7175 | -19.71% | 18.69% | 03-Nov-22 | 11-May-23 | 363 | 174 |
| SAR | 58.8888 | 81.8703 | 22.9815 | -21.84% | 8.66% | 10-Nov-22 | 05-Sep-23 | 356 | 57 |
| AED | 60.2836 | 83.6089 | 23.3253 | -21.66% | 8.65% | 10-Nov-22 | 05-Sep-23 | 356 | 57 |
| CNY | 30.3357 | 43.0908 | 12.7551 | -21.44% | 11.59% | 03-Nov-22 | 11-May-23 | 363 | 174 |
Copyright Mettis Link News
Posted on: 2023-11-01T15:43:17+05:00
