PKR trades 1.46 rupees lower against USD in interbank, strengthens in open market

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By MG News | September 05, 2023 at 03:39 PM GMT+05:00

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September 05, 2023 (MLN): The Pakistani rupee (PKR) depreciated by 1.46 rupees against the US dollar in Tuesday's interbank session as the currency settled the trade at PKR 307.0996 per USD, compared to the previous session's closing of PKR 305.6427 per USD.

The currency saw an intraday high (bid) of 307.5 and a low (ask) of 306.9.

In the open market, Exchange Companies quoted the dollar at 320 for buying and 326.5 for selling.

It is important to note that despite depreciating in the interbank, the local unit has appreciated by nearly 11 rupees in the open market compared to its previous close of 331/334 per USD.

"The strengthening of PKR against USD in the open market can be attributed to the positive news regarding initiatives to be taken to control the smuggling of dollars," said Fahad Rauf, the Head of Research at Ismail Iqbal Securities, while speaking to Mettis Link News.

Additional positivity arises from the news flow regarding the recent meeting of Chief of Army Staff (COAS) Asim Munir with the business community, during which he highlighted the pivotal role of the Special Investment Facilitation Council (SIFC) and emphasized its potential to attract substantial investments of up to $100 billion.

To note, the gap between the interbank and open market is widening due to the removal of restrictions on letters of credit (LCs) which has led to an increased demand for dollars.

Consequently, the pressure on the domestic currency still prevails in the interbank market.

The Staff Report issued by the IMF on July 18, 2023 states that the board will ensure that the average premium between the interbank and open market rate is within 1.25% during any consecutive 5 business day period (continuous SB), once proper market functioning is restored.

In comparison to major currencies, PKR lost 8.4 paisa against the Euro, closing at 330.13 compared to the previous value of 330.05.

The British Pound became cheaper by 73.98 paisa closing at 385.23 compared to 385.97 a day ago.

The Swiss franc saw gains of 10.25 paisa, closing at 345.95 compared to 345.85 from the previous session.

Against the Japanese Yen, PKR lost 0.24 paisa, closing at 2.089 versus 2.0874 a day ago.

The Chinese Yuan gained 0.29 Paisa, closing at 42.044 against 42.041 from the previous session.

The Saudi Riyal increased in value by 39.67 paisa from 83.21 a day ago to 83.61.

The U.A.E Dirham closed at 81.87 with a gain of 38.73 paisa from its value of 81.48 a day ago.

During the current financial year, PKR has depreciated against the Dollar by 21.11 rupees or 6.87%. While the current calendar year has seen PKR depreciate by 80.67 rupees or 26.27%.

In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates inched down by 5 bps to 23.28% and 23.53%.

Performance Summary

Currency Sep 05, 2023 Sep 04, 2023 Change 1 Month FYTD CYTD 1 Day % 7 Day % 1 Month % MTD % FYTD % CYTD %
USD 307.0996 305.64 -1.46 -20.13 -21.11 -80.67 -0.47 -1.32 -6.56 -0.51 -6.87 -26.27
EUR 330.13 330.05 -0.08 -16.15 -17.20 -88.82 -0.03 -0.78 -4.89 0.78 -5.21 -26.91
GBP 385.23 385.97 0.74 -20.69 -21.089 -112.15 0.19 -0.81 -5.37 0.71 -5.47 -29.11
CHF 345.95 345.85 -0.10 -18.89 -26.19 -100.92 -0.03 -1.01 -5.46 0.35 -7.57 -29.17
JPY 2.09 2.087 -0.002 -0.078 -0.098 -0.38 -0.11 -1.06 -3.75 0.27 -4.67 -18.00
SAR 81.87 81.48 -0.39 -5.38 -5.62 -21.67 -0.47 -1.32 -6.57 -0.50 -6.86 -26.46
AED 83.61 83.21 -0.40 -5.48 -5.75 -21.96 -0.47 -1.31 -6.55 -0.51 -6.87 -26.26
CNY 42.04 42.04 -0.003 -2.09 -2.37 -9.48 -0.01 -1.15 -4.96 -0.31 -5.65 -22.54

52 Week Performance

Currency High Low Trading Band % Since High % Since Low High Date Low Date Days Since High Days Since Low
USD 217.79 307.099 89.31 -29.08 0.00 11-Oct-22 05-Sep-23 329 0
EUR 211.28 332.70 121.42 -36.00 0.78 11-Oct-22 31-Aug-23 329 5
GBP 240.03 387.97 147.94 -37.69 0.71 11-Oct-22 31-Aug-23 329 5
CHF 217.64 347.16 129.52 -37.09 0.35 11-Oct-22 31-Aug-23 329 5
JPY 1.468 2.218 0.75 -29.77 6.12 21-Oct-22 11-May-23 319 117
SAR 57.93 81.87 23.94 -29.24 0.00 11-Oct-22 05-Sep-23 329 0
AED 59.29 83.61 24.31 -29.08 0.00 11-Oct-22 05-Sep-23 329 0
CNY 30.07 43.09 13.02 -28.48 2.49 25-Oct-22 11-May-23 315 117

 Copyright Mettis Link News 

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