December 11, 2023 (MLN): The Pakistani rupee (PKR) maintained stability during Monday's interbank session to settle at PKR 283.9 per USD, compared to the previous session's closing of PKR 283.87 per USD, reflecting a a marginal depreciation of around 3 paisa against the US dollar.
The currency saw an intraday high (bid) of 283.79 and a low (ask) of 284.
In the open market, Exchange Companies quoted the dollar at 284 for buying and 286 for selling.
It is important to mention that last week, the local unit marked its fourth consecutive weekly gain witnessed by the local unit against the greenback.
Moreover, it witnessed nine consecutive daily gains against the greenback; however, today's slight depreciation brings an end to its daily winning streak.
This upswing was attributed to the successful staff-level agreement (SLA) between the International Monetary Fund (IMF) and Pakistani authorities during the first review under the Stand-By Arrangement (SBA).
Pending approval by the IMF's Executive Board, the agreement will grant Pakistan access to SDR 528 million, around $700m.
While inflows following increased regulatory and law enforcement helped normalize import and FX payments and rebuild reserves, the authorities recognize that the rupee must remain market-determined to alleviate external pressures and rebuild reserves sustainably.
To support this, they plan to strengthen the transparency and efficiency of the FX market and refrain from administrative actions to influence the rupee.
The positivity was further fueled by the latest trade numbers for the month of November which indicate a 13.16% MoM and a 31.72% YoY reduction in the trade deficit to clock in at $1.89 billion.
Export numbers experienced a 7.66% YoY increase, reaching $2.57bn, while imports decreased by 14.47% YoY, totaling $4.46bn.
To recall, the pressure resulting from the gap between the demand and supply of dollars prevailed over the market for days and the PKR suffered losses for four consecutive weeks.
According to Bloomberg's latest report, the local unit is set to end the year as Asia’s worst-performing currency and the losses are expected to persist in 2024.
In comparison to major currencies, PKR gained 63.85 paisa against the Euro, closing at 305.36 compared to the previous value of 306.
The British Pound became cheaper by 83.23 paisa closing at 355.84 compared to 356.67 from a day ago.
The Swiss franc saw losses of 1.48 rupees, closing at 322.61 compared to 324.09 from the previous session.
Against the Japanese Yen, PKR gained 3.06 paisa, closing at 1.9387 versus 1.9693 a day ago.
The Chinese Yuan lost 11.77 paisa, closing at 39.53 against 39.65 from the previous session.
The Saudi Riyal closed at 75.69 with a gain of 0.81 paisa from its values of 75.68 a day ago.
The U.A.E Dirham increased in value by 0.73 paisa from 77.31 a day ago to 77.3.
During the current financial year, PKR has appreciated against the Dollar by 2.09 rupees or 0.74%. While the current calendar year has seen PKR depreciate by 57.47 rupees or 20.24%.
In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates inched down by 4 bps to 21.38 and 21.63%.
Performance Summary
| Currency | Dec 11, 2023 | Dec 08, 2023 | Change | 1 Month | FYTD | CYTD | 1 Day | 7 Day | 1 Month | MTD | FYTD | CYTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 283.8981 | 283.8715 | -0.0266 | 3.1323 | 2.0924 | -57.4672 | -0.01% | 0.22% | 1.1% | 0.45% | 0.74% | -20.24% |
| EUR | 305.3608 | 305.9993 | 0.6385 | 0.9006 | 7.57 | -64.0533 | 0.21% | 1.21% | 0.29% | 2.3% | 2.48% | -20.98% |
| GBP | 355.838 | 356.6703 | 0.8323 | -5.3164 | 8.2993 | -82.7623 | 0.23% | 1.28% | -1.49% | 1.78% | 2.33% | -23.26% |
| CHF | 322.6116 | 324.0912 | 1.4796 | -4.7484 | -2.8548 | -77.583 | 0.46% | 0.84% | -1.47% | 1.29% | -0.88% | -24.05% |
| JPY | 1.9387 | 1.9693 | 0.0306 | -0.0434 | 0.0536 | -0.2251 | 1.58% | -0.19% | -2.24% | 0.08% | 2.76% | -11.61% |
| SAR | 75.692 | 75.6839 | -0.0081 | 0.8311 | 0.562 | -15.487 | -0.01% | 0.21% | 1.1% | 0.42% | 0.74% | -20.46% |
| AED | 77.3101 | 77.3028 | -0.0073 | 0.8359 | 0.5517 | -15.6577 | -0.01% | 0.22% | 1.08% | 0.44% | 0.71% | -20.25% |
| CNY | 39.5294 | 39.6471 | 0.1177 | -0.1711 | 0.1403 | -6.9637 | 0.3% | 0.85% | -0.43% | 1.16% | 0.35% | -17.62% |
52 Week Performance
| Currency | High | Low | Trading Band | % Since High | % Since Low | High Date | Low Date | Days Since High | Days Since Low |
|---|---|---|---|---|---|---|---|---|---|
| USD | 224.648 | 307.1 | 82.4512 | -20.87% | 8.17% | 12-Dec-22 | 05-Sep-23 | 364 | 97 |
| EUR | 236.487 | 332.701 | 96.2131 | -22.55% | 8.95% | 12-Dec-22 | 31-Aug-23 | 364 | 102 |
| GBP | 270.362 | 387.972 | 117.6101 | -24.02% | 9.03% | 06-Jan-23 | 31-Aug-23 | 339 | 102 |
| CHF | 240.112 | 347.163 | 107.0514 | -25.57% | 7.61% | 12-Dec-22 | 31-Aug-23 | 364 | 102 |
| JPY | 1.635 | 2.2178 | 0.5828 | -15.67% | 14.4% | 13-Dec-22 | 11-May-23 | 363 | 214 |
| SAR | 59.7358 | 81.8703 | 22.1345 | -21.08% | 8.16% | 12-Dec-22 | 05-Sep-23 | 364 | 97 |
| AED | 61.1629 | 83.6089 | 22.446 | -20.89% | 8.15% | 12-Dec-22 | 05-Sep-23 | 364 | 97 |
| CNY | 32.194 | 43.0908 | 10.8968 | -18.56% | 9.01% | 13-Dec-22 | 11-May-23 | 363 | 214 |
Copyright Mettis Link News
Posted on: 2023-12-11T15:35:03+05:00
