January 09, 2024 (MLN): The Pakistani rupee (PKR) persisted its upward momentum on Tuesday by appreciating over 6 paisa against the US dollar to settle at PKR 281.22 per USD, compared to the previous session's closing of PKR 281.28 per USD.
The Currency saw an intraday high (bid) of 281.43 and a low (ask) of 281.4.
In the open market, Exchange Companies quoted the dollar at 280.07 for buying and 282.34 for selling.
This marks the fifth consecutive victory for the home unit after it broke its 13-day upside streak against the greenback.
It is crucial to note that the domestic currency concluded the first week of 2024 by extending its upward trend for the eighth consecutive week.
The positive market sentiments, attributed to the expectations of the approval of the second loan tranche worth $700 million by the International Monetary Fund (IMF), continue to benefit the local currency.
It is worth highlighting that Pakistan has been included in the IMF's meeting agenda for January 11, 2024.
Moreover, the latest trade numbers released by the Pakistan Bureau of Statistics (PBS) have also shown satisfactory results as the country's trade deficit reduced significantly by 13.43% MoM and 40.13% YoY in December.
The improvement in the trade deficit is attributed to a significant 9.29% MoM surge in exports, combined with a marginal yet crucial 0.55% MoM decline in imports.
In comparison to major currencies, PKR lost 55 paisa against the Euro, closing at 308.11 compared to the previous value of 307.56.
The British Pound became expensive by 1.1 rupees closing at 358.36 compared to 357.26 from a day ago.
The Swiss franc saw gains of 1.17 rupees, closing at 331.71 compared to 330.53 from the previous session.
Against the Japanese Yen, PKR lost 0.65 paisa, closing at 1.952 versus 1.9455 a day ago.
The Chinese Yuan gained 1.56 paisa, closing at 39.29 against 39.27 from the previous session.
The Saudi Riyal closed at 74.99 with a loss of 1.48 paisa from its values of 75 a day ago.
The U.A.E Dirham decreased in value by 1.71 paisa from 76.57 a day ago to 76.59.
During the current financial year, PKR has appreciated against the Dollar by 4.77 rupees or 1.7%. While the current calendar year has seen PKR appreciate by 63.87 paisa or 0.23%.
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates inched down by 2 bps to 21.1 and 21.35%.
Performance Summary
| Currency | Jan 09, 2024 | Jan 08, 2024 | Change | 1 Month | FYTD | CYTD | 1 Day | 7 Day | 1 Month | MTD | FYTD | CYTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 281.222 | 281.2848 | 0.0628 | 2.6495 | 4.7685 | 0.6387 | 0.02% | 0.24% | 0.94% | 0.23% | 1.7% | 0.23% |
| EUR | 308.1068 | 307.5568 | -0.55 | -2.1075 | 4.824 | 3.3915 | -0.18% | 0.88% | -0.68% | 1.1% | 1.57% | 1.1% |
| GBP | 358.3612 | 357.2598 | -1.1014 | -1.6909 | 5.7761 | 0.235 | -0.31% | 0.27% | -0.47% | 0.07% | 1.61% | 0.07% |
| CHF | 331.708 | 330.5345 | -1.1735 | -7.6168 | -11.9512 | 3.3617 | -0.35% | 0.62% | -2.3% | 1.01% | -3.6% | 1.01% |
| JPY | 1.952 | 1.9455 | -0.0065 | 0.0173 | 0.0403 | 0.0375 | -0.33% | 2.06% | 0.89% | 1.92% | 2.06% | 1.92% |
| SAR | 74.9885 | 75.0033 | 0.0148 | 0.6954 | 1.2655 | 0.1743 | 0.02% | 0.24% | 0.93% | 0.23% | 1.69% | 0.23% |
| AED | 76.5699 | 76.587 | 0.0171 | 0.7329 | 1.2919 | 0.1728 | 0.02% | 0.24% | 0.96% | 0.23% | 1.69% | 0.23% |
| CNY | 39.2864 | 39.2708 | -0.0156 | 0.3607 | 0.3833 | 0.3449 | -0.04% | 0.61% | 0.92% | 0.88% | 0.98% | 0.88% |
52 Week Performance
| Currency | High | Low | Trading Band | % Since High | % Since Low | High Date | Low Date | Days Since High | Days Since Low |
|---|---|---|---|---|---|---|---|---|---|
| USD | 227.883 | 307.1 | 79.2163 | -18.97% | 9.2% | 10-Jan-23 | 05-Sep-23 | 364 | 126 |
| EUR | 244.656 | 332.701 | 88.045 | -20.59% | 7.98% | 10-Jan-23 | 31-Aug-23 | 364 | 131 |
| GBP | 277.038 | 387.972 | 110.9345 | -22.69% | 8.26% | 10-Jan-23 | 31-Aug-23 | 364 | 131 |
| CHF | 244.279 | 347.163 | 102.884 | -26.36% | 4.66% | 12-Jan-23 | 31-Aug-23 | 362 | 131 |
| JPY | 1.7213 | 2.2178 | 0.4965 | -11.82% | 13.62% | 11-Jan-23 | 11-May-23 | 363 | 243 |
| SAR | 60.6913 | 81.8703 | 21.179 | -19.07% | 9.18% | 11-Jan-23 | 05-Sep-23 | 363 | 126 |
| AED | 62.0428 | 83.6089 | 21.5661 | -18.97% | 9.19% | 10-Jan-23 | 05-Sep-23 | 364 | 126 |
| CNY | 33.5975 | 43.0908 | 9.4933 | -14.48% | 9.68% | 10-Jan-23 | 11-May-23 | 364 | 243 |
Copyright Mettis Link News
Posted on: 2024-01-09T17:02:17+05:00
