December 13, 2023 (MLN): The Pakistani rupee (PKR) appreciated by 16.99 paisa against the US dollar in Wednesday's interbank session as the currency settled the trade at PKR 283.61 per USD, compared to the previous session's closing of PKR 283.78 per USD.
The Currency saw an intraday high (bid) of 283.54 and a low (ask) of 283.75.
In the open market, Exchange Companies quoted the dollar at 284.5 for buying and 285.5 for selling.
In a recent development, the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) has decided to keep the policy rate unchanged at 22% for the fourth consecutive meeting.
The decision came in line with the market expectations wherein the majority of market participants were in consensus on the rate pause.
This upswing towards the local unit is 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 is also 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.
However, the local unit closed the month of November on a negative note, as it recorded a loss of 3.69 rupees against the mighty dollar, compared to the previous month's closing of 281.47 per USD.
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 lost 2.97 paisa against the Euro, closing at 305.85 compared to the previous value of 305.82.
The British Pound became cheaper by 1.63 rupees closing at 355.05 compared to 356.68 from a day ago.
The Swiss franc saw losses of 2.75 paisa, closing at 323.89 compared to 323.91 from the previous session.
Against the Japanese Yen, PKR gained 0.62 paisa, closing at 1.9449 versus 1.9511 a day ago.
The Chinese Yuan lost 6.85 paisa, closing at 39.48 against 39.54 from the previous session.
The Saudi Riyal closed at 75.61 with a loss of 5.03 paisa from its value of 75.66 a day ago.
The U.A.E Dirham decreased in value by 4.52 paisa from 77.23 a day ago to 77.27.
During the current financial year, PKR has appreciated against the Dollar by 2.38 rupees or 0.84%. While the current calendar year has seen PKR depreciate by 57.18 rupees or 20.16%.
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates inched up by 12 bps to 21.51 and 21.76%.
Performance Summary
| Currency | Dec 13, 2023 | Dec 12, 2023 | Change | 1 Month | FYTD | CYTD | 1 Day | 7 Day | 1 Month | MTD | FYTD | CYTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 283.6104 | 283.7803 | 0.1699 | 4.2606 | 2.3801 | -57.1795 | 0.06% | 0.19% | 1.5% | 0.55% | 0.84% | -20.16% |
| EUR | 305.8455 | 305.8158 | -0.0297 | 2.3636 | 7.0853 | -64.538 | -0.01% | 0.22% | 0.77% | 2.13% | 2.32% | -21.1% |
| GBP | 355.0518 | 356.6835 | 1.6317 | -1.0999 | 9.0855 | -81.9761 | 0.46% | 0.86% | -0.31% | 2.01% | 2.56% | -23.09% |
| CHF | 323.8856 | 323.9131 | 0.0275 | -4.5787 | -4.1288 | -78.857 | 0.01% | 0.28% | -1.41% | 0.89% | -1.27% | -24.35% |
| JPY | 1.9449 | 1.9511 | 0.0062 | -0.0462 | 0.0474 | -0.2313 | 0.32% | -0.61% | -2.38% | -0.24% | 2.44% | -11.89% |
| SAR | 75.6103 | 75.6606 | 0.0503 | 1.141 | 0.6437 | -15.4053 | 0.07% | 0.19% | 1.51% | 0.53% | 0.85% | -20.37% |
| AED | 77.2296 | 77.2748 | 0.0452 | 1.1474 | 0.6322 | -15.5772 | 0.06% | 0.19% | 1.49% | 0.55% | 0.82% | -20.17% |
| CNY | 39.4753 | 39.5438 | 0.0685 | -0.009 | 0.1944 | -6.9096 | 0.17% | 0.58% | -0.02% | 1.29% | 0.49% | -17.5% |
52 Week Performance
| Currency | High | Low | Trading Band | % Since High | % Since Low | High Date | Low Date | Days Since High | Days Since Low |
|---|---|---|---|---|---|---|---|---|---|
| USD | 224.706 | 307.1 | 82.3935 | -20.77% | 8.28% | 15-Dec-22 | 05-Sep-23 | 363 | 99 |
| EUR | 238.711 | 332.701 | 93.9891 | -21.95% | 8.78% | 14-Dec-22 | 31-Aug-23 | 364 | 104 |
| GBP | 270.362 | 387.972 | 117.6101 | -23.85% | 9.27% | 06-Jan-23 | 31-Aug-23 | 341 | 104 |
| CHF | 241.808 | 347.163 | 105.3553 | -25.34% | 7.19% | 14-Dec-22 | 31-Aug-23 | 364 | 104 |
| JPY | 1.6393 | 2.2178 | 0.5785 | -15.71% | 14.03% | 16-Dec-22 | 11-May-23 | 362 | 216 |
| SAR | 59.767 | 81.8703 | 22.1033 | -20.95% | 8.28% | 14-Dec-22 | 05-Sep-23 | 364 | 99 |
| AED | 61.1761 | 83.6089 | 22.4328 | -20.79% | 8.26% | 15-Dec-22 | 05-Sep-23 | 363 | 99 |
| CNY | 32.2465 | 43.0908 | 10.8443 | -18.31% | 9.16% | 16-Dec-22 | 11-May-23 | 362 | 216 |
Copyright Mettis Link News
Posted on: 2023-12-13T16:00:39+05:00
