October 27, 2023 (MLN): The Pakistani rupee (PKR) depreciated by 1.78 rupees against the US dollar this week and settled the trade at PKR 280.57, compared to the previous week's closing of PKR 278.8 per USD.
In today's session, the local unit lost 48.1 paisa and saw an intraday high (bid) of 280.5 and a low (ask) of 280.15 against the greenback.
In the open market, the local unit lost 50 paisa as the exchange companies quoted the dollar at 279.5 for buying and 292.8 for selling compared to the previous closing of 279 for buying and 282 for selling.
It is important to mention that this marks the second consecutive weekly decline for the local unit against the greenback.
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 lost 64.78 paisa against the Euro, closing at 296.17 compared to the previous value of 295.53.
The British Pound became expensive by 1.21 rupees, closing at 339.94 compared to 338.73 from a day ago.
The Swiss franc saw losses of 22.76 paisa, closing at 311.61 compared to 311.84 from the previous session.
Against the Japanese Yen, PKR lost 0.69 paisa, closing at 1.869 versus 1.862 a day ago.
The Chinese Yuan gained 7.2 paisa, closing at 38.342 against 38.27 from the previous session.
The Saudi Riyal closed at 74.79 with a gain of 13.12 paisa from its value of 74.66 a day ago.
The U.A.E Dirham increased in value by 12.89 paisa from 76.257 a day ago to 76.386.
During the current financial year, PKR has appreciated against the Dollar by 5.42 rupees or 1.93%. While the current calendar year has seen PKR depreciate by 54.14 rupees or 19.3%.
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates inched down by 3 bps to 21.72% and 21.97%.
Performance Summary
| Currency | Oct 27, 2023 | Oct 26, 2023 | Change | 1 Month | FYTD | CYTD | 1 Day | 7 Day | 1 Month | MTD | FYTD | CYTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 280.5735 | 280.0925 | -0.4810 | 7.1649 | 5.4170 | -54.1426 | -0.17% | -0.63% | 2.55% | 2.55% | 1.93% | -19.30% |
| EUR | 296.1734 | 295.5256 | -0.6478 | 6.2684 | 16.7574 | -54.8659 | -0.22% | -0.31% | 2.12% | 2.12% | 5.66% | -18.52% |
| GBP | 339.9429 | 338.7298 | -1.2131 | 9.9182 | 24.1944 | -66.8672 | -0.36% | -0.60% | 2.92% | 2.92% | 7.12% | -19.67% |
| CHF | 311.6099 | 311.8375 | 0.2276 | 1.0133 | 8.1469 | -66.5813 | 0.07% | 0.44% | 0.33% | 0.33% | 2.61% | -21.37% |
| JPY | 1.8687 | 1.8618 | -0.0069 | 0.0590 | 0.1236 | -0.1551 | -0.37% | -0.50% | 3.16% | 3.16% | 6.61% | -8.30% |
| SAR | 74.7887 | 74.6575 | -0.1312 | 1.9211 | 1.4653 | -14.5837 | -0.18% | -0.62% | 2.57% | 2.57% | 1.96% | -19.50% |
| AED | 76.386 | 76.2571 | -0.1289 | 1.9528 | 1.4758 | -14.7336 | -0.17% | -0.63% | 2.56% | 2.56% | 1.93% | -19.29% |
| CNY | 38.342 | 38.27 | -0.0720 | 1.0507 | 1.3277 | -5.7763 | -0.19% | -0.62% | 2.74% | 2.74% | 3.46% | -15.07% |
52 Week Performance
| Currency | High | Low | Trading Band | % Since High | % Since Low | High Date | Low Date | Days Since High | Days Since Low |
|---|---|---|---|---|---|---|---|---|---|
| USD | 220.648 | 307.1 | 86.4519 | -21.36% | 9.45% | 01-Nov-22 | 05-Sep-23 | 360 | 52 |
| EUR | 216.828 | 332.701 | 115.8730 | -26.79% | 12.33% | 04-Nov-22 | 31-Aug-23 | 357 | 57 |
| GBP | 248.795 | 387.972 | 139.1771 | -26.81% | 14.13% | 04-Nov-22 | 31-Aug-23 | 357 | 57 |
| CHF | 219.528 | 347.163 | 127.6353 | -29.55% | 11.41% | 04-Nov-22 | 31-Aug-23 | 357 | 57 |
| JPY | 1.4923 | 2.2178 | 0.7255 | -20.14% | 18.68% | 31-Oct-22 | 11-May-23 | 361 | 169 |
| SAR | 58.7219 | 81.8703 | 23.1484 | -21.48% | 9.47% | 01-Nov-22 | 05-Sep-23 | 360 | 52 |
| AED | 60.0729 | 83.6089 | 23.5360 | -21.36% | 9.46% | 01-Nov-22 | 05-Sep-23 | 360 | 52 |
| CNY | 30.2888 | 43.0908 | 12.8020 | -21.00% | 12.39% | 31-Oct-22 | 11-May-23 | 361 | 169 |
Copyright Mettis Link News
Posted on: 2023-10-27T16:51:47+05:00
