July 13, 2023 (MLN): The Pakistani rupee (PKR) appreciated by 1.02 rupees against the US dollar in Thursday's interbank session as the currency settled the trade at PKR 276.46 per USD, compared to the previous session's closing of PKR 277.47 per USD.
The currency saw an intraday high (bid) of 276.5 and a low (ask) of 276.
In the open market, exchange Companies quoted the dollar at 275 for buying and 278 for selling.
PKR has maintained a consecutive upward trajectory for three trading sessions, experiencing an appreciation of over 1 rupee in each session, owing to the agreement between the International Monetary Fund (IMF) executive board and Pakistan.
Yesterday, the IMF board approved the 9-month Stand-By-Agreement (SBA) for Pakistan for an amount of $3 billion, and today the State Bank of Pakistan (SBP) received the first installment of $1.2bn.
This inflow comes on top of a $1bn deposit from the United Arab Emirates (UAE) yesterday, and a $2bn deposit from Saudi Arabia on Tuesday.
To note, as of June 30, 2023, the country's total reserves stood at $9.75bn and as per Ishaq Dar the reserves will stand at around $13-14bn by this week.
Although, the KSE-100 closed Thursday's trading session at 45,266.96 showing a decrease of 247.99 points, the market witnessed bullish signals as the country approaches towards stability.
Moroever, Fitch Ratings upgraded Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC' from 'CCC-'.
In comparison to major currencies, PKR lost 2.65 rupees against the Euro, closing at 308.55 compared to the previous value of 305.90.
The British Pound became more expensive by 1.41 rupees closing at 360.54 compared to 359.14 from a day ago.
The Swiss franc saw gains of 4.42 Rupees, closing at 320.3127 compared to 315.891 from the previous session.
Against the Japanese Yen, PKR lost 0.96 paisa, closing at 1.99 versus 1.987 a day ago.
The Chinese Yuan gained 0.68 paisa, closing at 38.59 against 38.58 from the previous session.
The Saudi Riyal decreased in value by 27.68 paisa from 75.54 a day ago to 75.26.
The U.A.E Dirham closed at 73.69 with a loss of 27.89 paisa from its values of 73.97 a day ago.
During the current financial year, PKR has appreciated against the Dollar by 9.53 Rupees or 3.45%. While the current calendar year has seen PKR depreciate by 50.03 Rupees or 18.1%.
In the Money Market, the benchmark 6-Month Karachi Interbank Bid and Offer rates inched down by 7 bps to 22.7% and 22.95%.
Performance Summary
| Currency | Jul 13, 2023 | Jul 12, 2023 | Change | 1 Month | FYTD | CYTD | 1 Day % | 7 Day % | 1 Month % | MTD % | FYTD % | CYTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 276.46 | 277.47 | 1.016 | 11.51 | 9.52 | -50.03 | 0.37 | 0.21 | 4.16 | 3.45 | 3.45 | -18.10 |
| EUR | 308.55 | 305.90 | -2.65 | 2.62 | 4.37 | -67.25 | -0.86 | -2.60 | 0.85 | 1.42 | 1.42 | -21.80 |
| GBP | 360.54 | 359.14 | -1.40 | 1.29 | 3.58 | -87.47 | -0.39 | -2.31 | 0.36 | 1.00 | 1.00 | -24.26 |
| CHF | 320.31 | 315.89 | -4.42 | -2.04 | -0.55 | -75.28 | -1.38 | -3.76 | -0.64 | -0.17 | -0.17 | -23.50 |
| JPY | 1.99 | 1.98 | -0.0096 | 0.06 | -0.0045 | -0.28 | -0.48 | -3.67 | 3.37 | -0.23 | -0.23 | -14.18 |
| SAR | 73.69 | 73.97 | 0.27 | 3.09 | 2.56 | -13.48 | 0.38 | 0.22 | 4.20 | 3.48 | 3.48 | -18.30 |
| AED | 75.26 | 75.54 | 0.27 | 3.13 | 2.59 | -13.61 | 0.37 | 0.21 | 4.17 | 3.45 | 3.45 | -18.09 |
| CNY | 38.59 | 38.58 | -0.0068 | 1.67 | 1.07 | -6.02 | -0.02 | -1.00 | 4.34 | 2.78 | 2.78 | -15.62 |
52 Week Performance
| Currency | High | Low | Trading Band | % Since High | % Since Low | High Date | Low Date | Days Since High | Days Since Low |
|---|---|---|---|---|---|---|---|---|---|
| USD | 210.95 | 298.93 | 87.97 | -23.69 | 8.13 | 15-Jul-22 | 11-May-23 | 363 | 63 |
| EUR | 211.27 | 326.85 | 115.57 | -31.53 | 5.93 | 11-Oct-22 | 11-May-23 | 275 | 63 |
| GBP | 240.02 | 376.32 | 136.29 | -33.43 | 4.38 | 11-Oct-22 | 11-May-23 | 275 | 63 |
| CHF | 215.12 | 334.22 | 119.09 | -32.84 | 4.34 | 15-Jul-22 | 11-May-23 | 363 | 63 |
| JPY | 1.46 | 2.21 | 0.75 | -26.50 | 11.07 | 21-Oct-22 | 11-May-23 | 265 | 63 |
| SAR | 56.19 | 79.70 | 23.51 | -23.74 | 8.16 | 15-Jul-22 | 11-May-23 | 363 | 63 |
| AED | 57.43 | 81.40 | 23.97 | -23.70 | 8.16 | 15-Jul-22 | 11-May-23 | 363 | 63 |
| CNY | 30.07 | 43.09 | 13.01 | -22.09 | 11.65 | 25-Oct-22 | 11-May-23 | 261 | 63 |
Copyright Mettis Link News
Posted on: 2023-07-13T16:38:27+05:00
