October 02, 2023 (MLN): The Pakistani rupee (PKR) appreciated by around 1 rupee against the US dollar in Monday's interbank session as the currency settled the trade at PKR 286.76 per USD, compared to the previous session's closing of PKR 287.74 per USD.
The local unit saw an intraday high (bid) of 287.6 and a low (ask) of 286.7.
In the open market, the local unit gained 1 rupee as exchange companies quoted the dollar at 284 for buying and 288 for selling, compared to the previous closing of 285 for buying and 288.5 for selling.
The PKR had been experiencing its fair share of challenges over the past few months, but September emerged as a month of renewed hope, buoyed by the army-backed administrative reforms to save the sinking ship.
The local unit finished the month marked by second-best performance since 2014 in percentage terms, gaining 6.19% against the US Dollar, and took home the coveted title of best-performing currencies in the world for the month.
In stark contrast to the bleak macros that had plagued the Pakistani rupee, the army-backed crackdown on the illegal dollar trades has significantly helped the PKR.
As a result, the local unit continues to ride the wave of an upward trajectory, with today's session marking the 19th consecutive trading session of upward momentum.
Moreover, recent reforms introduced by the State Bank of Pakistan (SBP) to consolidate and transform various types of exchange companies into a single category with a well-defined mandate and higher capital requirements are also enhancing transparency.
To note, SBP suspended the authorization of four exchange companies in September, underscoring the central bank's commitment to ensuring compliance with regulatory standards.
These reforms also apply to the banks actively engaged in foreign exchange business, mandating them to set up wholly owned ECs to address the legitimate foreign exchange needs of the general public.
Following the guidelines of the central bank, certain banks such as; Faysal Bank Limited (PSX: FABL), Allied Bank Limited (PSX: ABL), Bank Al Habib Limited (PSX: BAHL), MCB Bank Limited (PSX: MCB), Meezan Bank Limited (PSX: MEBL), and United Bank Limited (PSX: UBL), have decided to establish their own exchange company.
In comparison to major currencies, PKR lost 46 paisa against the Euro, closing at 302.9 compared to the previous value of 302.44.
The British Pound became cheaper by 36 paisa closing at 349.5 compared to 349.86 a day ago.
The Swiss franc saw gains of 1.96 rupees, closing at 314.59 compared to 312.62 from the previous session.
Against the Japanese Yen, PKR gained 1.2 paisa, closing at 1.916 versus 1.928 a day ago.
The Chinese Yuan lost 69 paisa, closing at 39.2742 against 39.9634 from the previous session.
The Saudi Riyal closed at 76.46 with a loss of 1.32 rupees from its value of 77.78 a day ago.
The U.A.E Dirham decreased in value by 1.37 rupees from 79.44 a day ago to 78.07.
During the current financial year, PKR has depreciated against the Dollar by 77 paisa or 0.27%. While the current calendar year has seen PKR depreciate by 60.33 rupees or 21.04%.
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates inched up by 1 bps to 22.71% and 22.96%.
Performance Summary
| Currency | Oct 2, 2023 | Sep 28, 2023 | Change | 1 Month | FYTD | CYTD | Currency | 1 Day | 7 Day | 1 Month | MTD | FYTD | CYTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 286.7603 | 287.7384 | 0.9781 | 18.7066 | -0.7698 | -60.3294 | USD | 0.34% | 1.43% | 6.52% | 0.34% | -0.27% | -21.04% |
| EUR | 302.9049 | 302.4418 | -0.4631 | 28.6183 | 10.0259 | -61.5974 | EUR | -0.15% | 2.20% | 9.45% | -0.15% | 3.31% | -20.34% |
| GBP | 349.5034 | 349.8611 | 0.3577 | 37.9203 | 14.6339 | -76.4277 | GBP | 0.10% | 1.90% | 10.85% | 0.10% | 4.19% | -21.87% |
| CHF | 314.5854 | 312.6232 | -1.9622 | 31.5527 | 5.1714 | -69.5568 | CHF | -0.62% | 1.61% | 10.03% | -0.62% | 1.64% | -22.11% |
| JPY | 1.9155 | 1.9277 | 0.0122 | 0.1849 | 0.0768 | -0.2019 | JPY | 0.64% | 2.28% | 9.65% | 0.64% | 4.01% | -10.54% |
| SAR | 76.4592 | 76.7098 | 0.2506 | 4.9845 | -0.2052 | -16.2542 | SAR | 0.33% | 1.41% | 6.52% | 0.33% | -0.27% | -21.26% |
| AED | 78.0725 | 78.3388 | 0.2663 | 5.0907 | -0.2107 | -16.4201 | AED | 0.34% | 1.43% | 6.52% | 0.34% | -0.27% | -21.03% |
| CNY | 39.2742 | 39.3927 | 0.1185 | 2.7895 | 0.3955 | -6.7085 | CNY | 0.30% | 1.30% | 7.10% | 0.30% | 1.01% | -17.08% |
52 Week Performance
| Currency | High | Low | Trading Band | % Since High | % Since Low | High Date | Low Date | Days Since High | Days Since Low |
|---|---|---|---|---|---|---|---|---|---|
| USD | 217.792 | 307.1 | 89.3077 | -24.05% | 7.09% | 11-Oct-22 | 05-Sep-23 | 356 | 27 |
| EUR | 211.28 | 332.701 | 121.4206 | -30.25% | 9.84% | 11-Oct-22 | 31-Aug-23 | 356 | 32 |
| GBP | 240.028 | 387.972 | 147.9439 | -31.32% | 11.01% | 11-Oct-22 | 31-Aug-23 | 356 | 32 |
| CHF | 217.64 | 347.163 | 129.5234 | -30.82% | 10.36% | 11-Oct-22 | 31-Aug-23 | 356 | 32 |
| JPY | 1.4676 | 2.2178 | 0.7502 | -23.38% | 15.78% | 21-Oct-22 | 11-May-23 | 346 | 144 |
| SAR | 57.9311 | 81.8703 | 23.9392 | -24.23% | 7.08% | 11-Oct-22 | 05-Sep-23 | 356 | 27 |
| AED | 59.2946 | 83.6089 | 24.3143 | -24.05% | 7.09% | 11-Oct-22 | 05-Sep-23 | 356 | 27 |
| CNY | 30.0713 | 43.0908 | 13.0195 | -23.43% | 9.72% | 25-Oct-22 | 11-May-23 | 342 | 144 |
Copyright Mettis Link News
Posted on: 2023-10-02T16:20:59+05:00
