December 20, 2023 (MLN): The Pakistani rupee (PKR) exhibited strength against the USD on Wednesday, gaining over 11 paisa in the interbank session to close at PKR 282.9, as compared to the previous day's closing of PKR 283.01 per USD.
The local unit saw an intraday high (bid) of 283 and a low (ask) of 282.5.
In the open market, Exchange Companies quoted the dollar at 281.5 for buying and 284.5 for selling.
It is important to mention that last week, the local unit extended its winning streak against USD to 5 weeks by appreciating 61 paisa at the close.
This upswing 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.
The upward momentum this week is associated with the latest trade numbers for the month of November which showed a surplus of $9 million compared to deficits of $184m in October and $157m in November 2022.
In addition, the market is experiencing further positive sentiment attributed to a substantial surge in foreign investment, with a 7.28% month-on-month rise and a 12.25% year-on-year expansion, ultimately settling at $131.37 million in November.
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 95.3 paisa against the Euro, closing at 310.26 compared to the previous value of 309.3.
The British Pound became cheaper by 28.29 paisa, closing at 358.21 compared to 358.49 from a day ago.
Swiss franc saw gains of 1.6 rupees, closing at 328.44 compared to 326.84 from the previous session.
Against the Japanese Yen, PKR lost 0.7 paisa, closing at 1.97 versus 1.963 a day ago.
The Chinese Yuan gained 4.59 paisa, closing at 39.6472 against 39.6013 from the previous session.
The Saudi Riyal closed at 75.39 with a loss of 4.99 paisa from its value of 75.44 a day ago.
The U.A.E Dirham decreased in value by 3.36 paisa from 77.061 a day ago to 77.027.
During the current financial year, PKR has appreciated against the Dollar by 3.09 rupees or 1.09%. While the current calendar year has seen PKR depreciated by 56.47 rupees or 19.96%.
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates inched down by 1 bps to 21.18% and 21.43%.
Performance Summary
| Currency | Dec 20, 2023 | Dec 19, 2023 | Change | 1 Month | FYTD | CYTD | 1 Day | 7 Day | 1 Month | MTD | FYTD | CYTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 282.9009 | 283.0126 | 0.1117 | 2.8885 | 3.0896 | -56.4700 | 0.04% | 0.25% | 1.02% | 0.80% | 1.09% | -19.96% |
| EUR | 310.2575 | 309.3045 | -0.9530 | 3.0249 | 2.6733 | -68.9500 | -0.31% | -1.42% | 0.97% | 0.68% | 0.86% | -22.22% |
| GBP | 358.2092 | 358.4921 | 0.2829 | -0.0436 | 5.9281 | -85.1335 | 0.08% | -0.88% | -0.01% | 1.11% | 1.65% | -23.77% |
| CHF | 328.439 | 326.8422 | -1.5968 | -4.8000 | -8.6822 | -83.4104 | -0.49% | -1.39% | -1.46% | -0.50% | -2.64% | -25.40% |
| JPY | 1.9703 | 1.9633 | -0.0070 | -0.0316 | 0.0220 | -0.2567 | -0.36% | -1.29% | -1.60% | -1.53% | 1.12% | -13.03% |
| SAR | 75.394 | 75.4439 | 0.0499 | 0.8043 | 0.8600 | -15.1890 | 0.07% | 0.29% | 1.07% | 0.82% | 1.14% | -20.15% |
| AED | 77.027 | 77.0606 | 0.0336 | 0.7844 | 0.8348 | -15.3746 | 0.04% | 0.26% | 1.02% | 0.81% | 1.08% | -19.96% |
| CNY | 39.6472 | 39.6013 | -0.0459 | 0.4321 | 0.0225 | -7.0815 | -0.12% | -0.43% | 1.09% | 0.86% | 0.06% | -17.86% |
52 Week Performance
| Currency | High | Low | Trading Band | % Since High | % Since Low | High Date | Low Date | Days Since High | Days Since Low |
|---|---|---|---|---|---|---|---|---|---|
| USD | 225.404 | 307.1 | 81.6960 | -20.32% | 8.55% | 21-Dec-22 | 05-Sep-23 | 364 | 106 |
| EUR | 239.154 | 332.701 | 93.5470 | -22.92% | 7.23% | 06-Jan-23 | 31-Aug-23 | 348 | 111 |
| GBP | 270.362 | 387.972 | 117.6101 | -24.52% | 8.31% | 06-Jan-23 | 31-Aug-23 | 348 | 111 |
| CHF | 242.141 | 347.163 | 105.0222 | -26.28% | 5.70% | 26-Dec-22 | 31-Aug-23 | 359 | 111 |
| JPY | 1.688 | 2.2178 | 0.5298 | -14.33% | 12.56% | 28-Dec-22 | 11-May-23 | 357 | 223 |
| SAR | 59.9318 | 81.8703 | 21.9385 | -20.51% | 8.59% | 21-Dec-22 | 05-Sep-23 | 364 | 106 |
| AED | 61.3769 | 83.6089 | 22.2320 | -20.32% | 8.54% | 21-Dec-22 | 05-Sep-23 | 364 | 106 |
| CNY | 32.2888 | 43.0908 | 10.8020 | -18.56% | 8.69% | 22-Dec-22 | 11-May-23 | 363 | 223 |
Copyright Mettis Link News
Posted on: 2023-12-20T17:26:50+05:00
