October 10, 2023 (MLN): The Pakistani rupee (PKR) appreciated by 1.14 rupees against the US dollar in Tuesday's interbank session as the currency settled the trade at PKR 280.51 per USD, compared to the previous session's closing of PKR 281.65 per USD.
The local unit saw an intraday high (bid) of 281.45 and a low (ask) of 280.55.
In the open market, the local unit lost 2 rupees as exchange companies quoted the dollar at 277 for buying and 280 for selling, compared to the previous closing of 275 for buying and 278 for selling.
It is important to mention that this marks the 24th consecutive trading session of gains against the greenback, the highest in history.
To address the issue of Afghan transit trade, Pakistan's Ministry of Commerce recently took a decisive step by imposing a ban on 212 items that were previously being imported into Afghanistan via Pakistan under the Afghan transit trade agreement.
This move, made through a Statutory Regulatory Order (SRO) issued on October 03, was in exercise of the powers conferred by the Imports and Exports (Control) Act, 1950.
Additionally, the FBR has imposed a 10% processing fee on five major categories of Afghan transit commercial goods imported into Afghanistan through Pakistan.
Moreover, recent reforms introduced by the State Bank of Pakistan (SBP) to consolidate and transform various types of exchange companies into a single category with a well-defined mandate and higher capital requirements are also enhancing transparency.
To note, SBP suspended the authorization of four exchange companies in September, underscoring the central bank's commitment to ensuring compliance with regulatory standards.
These reforms also apply to the banks actively engaged in foreign exchange business, mandating them to set up wholly owned ECs to address the legitimate foreign exchange needs of the general public.
Following the guidelines of the central bank, certain banks such as; Habib Metropolitation Bank (PSX: HMB), Bank Al Falah Limited (BAFL), Faysal Bank Limited (PSX: FABL), Allied Bank Limited (PSX: ABL), Bank Al Habib Limited (PSX: BAHL), MCB Bank Limited (PSX: MCB), Meezan Bank Limited (PSX: MEBL), and United Bank Limited (PSX: UBL), have decided to establish their own exchange company.
In comparison to major currencies, PKR lost 1.11 rupees against the Euro, closing at 297.55 compared to the previous value of 296.44.
The British Pound became expensive by 1.15 rupees closing at 344.11 compared to 342.95 from a day ago.
The Swiss franc saw gains of 85.54 paisa, closing at 310.23 compared to 309.37 from the previous session.
Against the Japanese Yen, PKR gained 0.44 paisa, closing at 1.884 versus 1.889 a day ago.
The Chinese Yuan lost 19.07 paisa, closing at 38.4455 against 38.6362 from the previous session.
The Saudi Riyal closed at 74.78 with a loss of 30.62 paisa from its value of 75.09 a day ago.
The U.A.E Dirham decreased in value by 31.47 paisa from 76.682 a day ago to 76.368.
During the current financial year, PKR has appreciated against the Dollar by 5.48 rupees or 1.96%. While the current calendar year has seen PKR depreciate by 54.07 rupees or 19.28%.
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates inched down by 2 bps to 22.53% and 22.78%.
Performance Summary
| Currency | Oct 10, 2023 | Oct 9, 2023 | Change | 1 Month | FYTD | CYTD | 1 Day | 7 Day | 1 Month | MTD | FYTD | CYTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 280.5058 | 281.6504 | 1.1446 | 20.6567 | 5.4847 | -54.0749 | 0.41% | 1.86% | 7.36% | 2.58% | 1.96% | -19.28% |
| EUR | 297.5465 | 296.4371 | -1.1094 | 25.4804 | 15.3843 | -56.2390 | -0.37% | 0.68% | 8.56% | 1.65% | 5.17% | -18.90% |
| GBP | 344.1105 | 342.9516 | -1.1589 | 33.0655 | 20.0268 | -71.0348 | -0.34% | 0.38% | 9.61% | 1.67% | 5.82% | -20.64% |
| CHF | 310.2254 | 309.37 | -0.8554 | 27.7797 | 9.5314 | -65.1968 | -0.28% | 0.13% | 8.95% | 0.77% | 3.07% | -21.02% |
| JPY | 1.8843 | 1.8887 | 0.0044 | 0.1750 | 0.1080 | -0.1707 | 0.23% | 1.23% | 9.29% | 2.30% | 5.73% | -9.06% |
| SAR | 74.7806 | 75.0868 | 0.3062 | 5.5123 | 1.4734 | -14.5756 | 0.41% | 1.86% | 7.37% | 2.58% | 1.97% | -19.49% |
| AED | 76.3676 | 76.6823 | 0.3147 | 5.6238 | 1.4942 | -14.7152 | 0.41% | 1.86% | 7.36% | 2.58% | 1.96% | -19.27% |
| CNY | 38.4455 | 38.6362 | 0.1907 | 2.8611 | 1.2242 | -5.8798 | 0.50% | 1.79% | 7.44% | 2.46% | 3.18% | -15.29% |
52 Week Performance
| Currency | High | Low | Trading Band | % Since High | % Since Low | High Date | Low Date | Days Since High | Days Since Low |
|---|---|---|---|---|---|---|---|---|---|
| USD | 217.792 | 307.1 | 89.3077 | -22.36% | 9.48% | 11-Oct-22 | 05-Sep-23 | 364 | 35 |
| EUR | 211.28 | 332.701 | 121.4206 | -28.99% | 11.81% | 11-Oct-22 | 31-Aug-23 | 364 | 40 |
| GBP | 240.028 | 387.972 | 147.9439 | -30.25% | 12.75% | 11-Oct-22 | 31-Aug-23 | 364 | 40 |
| CHF | 217.64 | 347.163 | 129.5234 | -29.84% | 11.91% | 11-Oct-22 | 31-Aug-23 | 364 | 40 |
| JPY | 1.4676 | 2.2178 | 0.7502 | -22.11% | 17.70% | 21-Oct-22 | 11-May-23 | 354 | 152 |
| SAR | 57.9311 | 81.8703 | 23.9392 | -22.53% | 9.48% | 11-Oct-22 | 05-Sep-23 | 364 | 35 |
| AED | 59.2946 | 83.6089 | 24.3143 | -22.36% | 9.48% | 11-Oct-22 | 05-Sep-23 | 364 | 35 |
| CNY | 30.0713 | 43.0908 | 13.0195 | -21.78% | 12.08% | 25-Oct-22 | 11-May-23 | 350 | 152 |
Copyright Mettis Link News
Posted on: 2023-10-10T15:19:59+05:00
