July 14, 2023 (MLN): The Pakistani rupee (PKR) depreciated by 1.13 rupees against the US dollar in Friday's interbank session as the currency settled the trade at PKR 277.59 per USD, compared to the previous session's closing of PKR 276.46 per USD.
The currency saw an intraday high (bid) of 278 and a low (ask) of 277.8.
In the open market, Exchange Companies quoted the dollar at 277 for buying and 280 for selling.
During the week PKR appreciated by around 31 paisa or 0.11% compared to the previous weeks closing of 277.89.
During the outgoing week, PKR appreciated owing to the agreement between the International Monetary Fund (IMF) executive board and Pakistan.
Moreover, the IMF board approved the 9-month Stand-By-Agreement (SBA) for Pakistan for an amount of $3 billion, and yesterday 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) on Wednesday and a $2bn deposit from Saudi Arabia on Tuesday.
The positive trend gained additional support as Fitch Ratings upgraded Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) from 'CCC-' to 'CCC'.
Compared to major currencies, PKR lost 3.18 rupees against the Euro, closing at 311.73 compared to the previous value of 308.55.
The British Pound became more expensive by 3.65 rupees closing at 364.19 compared to 360.54 from a day ago.
The Swiss franc saw gains of 3.56 rupees, closing at 323.87 compared to 320.31 from the previous session.
Against the Japanese Yen, PKR lost 1.09 paisa, closing at 2.007 versus 1.996 a day ago.
The Chinese Yuan gained 31.78 paisa, closing at 38.91 against 38.59 from the previous session.
The Saudi Riyal increased in value by 31.04 paisa from 75.26 a day ago to 75.57.
The U.A.E Dirham closed at 73.98 with a gain of 29.7 paisa from its value of 73.69 a day ago.
During the current financial year, PKR has appreciated against the Dollar by 8.4 rupees or 3.03%. While the current calendar year has seen PKR depreciate by 51.16 rupees or 18.43%.
In the Money Market, the benchmark 6-Month Karachi Interbank Bid and Offer rates inched down by 6 bps to 22.64% and 22.89%.
Furthermore, The State Bank of Pakistan (SBP) conducted an Open Market Operation (OMO), and Shariah-compliant Mudarabah OMO today, in which it cumulatively injected a total of Rs568.9 billion into the market.
Of which Rs490.9bn were injected through reverse repo purchase.
The remaining Rs78bn was injected through Shariah-Compliant Modarabah-based OMO.
Performance Summary
| Currency | Jul 14, 2023 | Jul 13, 2023 | Change | 1 Month | FYTD | CYTD | 1 Day % | 7 Day % | 1 Month % | MTD % | FYTD % | CYTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 277.59 | 276.46 | -1.12 | 9.59 | 8.39 | -51.15 | -0.41 | 0.11 | 3.46 | 3.03 | 3.03 | -18.43 |
| EUR | 311.73 | 308.55 | -3.17 | -1.57 | 1.19 | -70.42 | -1.02 | -3.05 | -0.51 | 0.38 | 0.38 | -22.59 |
| GBP | 364.19 | 360.54 | -3.65 | -1.47 | -0.06 | -91.12 | -1.00 | -2.82 | -0.40 | -0.02 | -0.02 | -25.02 |
| CHF | 323.87 | 320.31 | -3.55 | -6.33 | -4.11 | -78.84 | -1.10 | -4.21 | -1.95 | -1.27 | -1.27 | -24.34 |
| JPY | 2.007 | 1.99 | -0.0109 | 0.044 | -0.015 | -0.29 | -0.54 | -3.41 | 2.21 | -0.77 | -0.77 | -14.65 |
| SAR | 73.98 | 73.69 | -0.29 | 2.58 | 2.26 | -13.78 | -0.40 | 0.12 | 3.49 | 3.06 | 3.06 | -18.63 |
| AED | 75.57 | 75.26 | -0.310 | 2.61 | 2.28 | -13.92 | -0.41 | 0.10 | 3.46 | 3.02 | 3.02 | -18.43 |
| CNY | 38.91 | 38.59 | -0.317 | 1.19 | 0.75 | -6.34 | -0.82 | -1.44 | 3.08 | 1.94 | 1.94 | -16.31 |
52 Week Performance
| Currency | High | Low | Trading Band | % Since High | % Since Low | High Date | Low Date | Days Since High | Days Since Low |
|---|---|---|---|---|---|---|---|---|---|
| USD | 213.89 | 298.93 | 85.03 | -22.94 | 7.69 | 16-Aug-22 | 11-May-23 | 332 | 64 |
| EUR | 211.27 | 326.85 | 115.57 | -32.22 | 4.85 | 11-Oct-22 | 11-May-23 | 276 | 64 |
| GBP | 240.02 | 376.32 | 136.29 | -34.09 | 3.33 | 11-Oct-22 | 11-May-23 | 276 | 64 |
| CHF | 217.63 | 334.22 | 116.58 | -32.80 | 3.20 | 11-Oct-22 | 11-May-23 | 276 | 64 |
| JPY | 1.46 | 2.21 | 0.75 | -26.90 | 10.46 | 21-Oct-22 | 11-May-23 | 266 | 64 |
| SAR | 56.97 | 79.70 | 22.73 | -23.00 | 7.73 | 16-Aug-22 | 11-May-23 | 332 | 64 |
| AED | 58.23 | 81.40 | 23.17 | -22.95 | 7.71 | 16-Aug-22 | 11-May-23 | 332 | 64 |
| CNY | 30.07 | 43.09 | 13.01 | -22.72 | 10.74 | 25-Oct-22 | 11-May-23 | 262 | 64 |
Copyright Mettis Link News
Posted on: 2023-07-14T15:01:48+05:00
