October 30, 2023 (MLN): The Pakistani rupee (PKR) depreciated by 37.58 paisa against the US dollar in Monday's interbank session as the currency settled the trade at PKR 280.95, compared to the previous day's closing of PKR 280.57 per USD.
The currency saw an intraday high (bid) of 281 and a low (ask) of 280.7 against the greenback.
In the open market, the local unit lost 1 rupee as the exchange companies quoted the dollar at 281 for buying and 283.5 for selling compared to the previous closing of 279.5 for buying and 282.8 for selling.
To note, the local unit marked its second consecutive week of losses, depreciating by 1.78 rupees against USD last week.
Moreover, market participants awaited the central bank's decision regarding the policy rate in the Monetary Policy Committee (MPC) meeting today.
According to the latest poll conducted by Mettis Link News, market participants are largely expecting no change in policy rate.
The performance of the best-performing currency the Pakistani rupee (PKR) will be short-lived in the backdrop of financing risks and the upcoming elections, according to Goldman Sachs's analyst.
"The recent appreciation of the Pakistani rupee will likely be short-lived, given soaring interest costs and only short-term arrangements with the IMF and bilateral financing to support the external balance," analysts led by Kamakshya Trivedi wrote in a Wednesday report.
"The market will continue to require a premium for Pakistan's rupee ahead of elections," he added.
In comparison to major currencies, PKR lost 22.82 paisa against the Euro, closing at 296.4 compared to the previous value of 296.17.
The British Pound became cheaper by 12.06 paisa, closing at 339.82 compared to 339.94 from a day ago.
Swiss franc saw losses of 72.2 paisa, closing at 310.89 compared to 311.61 from the previous session.
Against the Japanese Yen, PKR lost 1.05 paisa, closing at 1.879 versus 1.869 a day ago.
The Chinese Yuan gained 5.11 paisa, closing at 38.3931 against 38.342 from the previous session.
The Saudi Riyal closed at 74.89 with a gain of 9.72 paisa from its value of 74.79 a day ago.
The U.A.E Dirham increased in value by 10.44 paisa from 76.386 a day ago to 76.49.
During the current financial year, PKR has appreciated against the Dollar by 5.04 rupees or 1.79%. While the current calendar year has seen PKR depreciate by 54.52 rupees or 19.41%.
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates inched down by 5 bps to 21.67% and 21.92%.
Performance Summary
| Currency | Oct 30, 2023 | Oct 27, 2023 | Change | 1 Month | FYTD | CYTD | 1 Day | 7 Day | 1 Month | MTD | FYTD | CYTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 280.9493 | 280.5735 | -0.3758 | 6.7891 | 5.0412 | -54.5184 | -0.13% | -0.65% | 2.42% | 2.42% | 1.79% | -19.41% |
| EUR | 296.4016 | 296.1734 | -0.2282 | 6.0402 | 16.5292 | -55.0941 | -0.08% | -0.11% | 2.04% | 2.04% | 5.58% | -18.59% |
| GBP | 339.8223 | 339.9429 | 0.1206 | 10.0388 | 24.3150 | -66.7466 | 0.04% | 0.00% | 2.95% | 2.95% | 7.16% | -19.64% |
| CHF | 310.8879 | 311.6099 | 0.7220 | 1.7353 | 8.8689 | -65.8593 | 0.23% | 0.56% | 0.56% | 0.56% | 2.85% | -21.18% |
| JPY | 1.8792 | 1.8687 | -0.0105 | 0.0485 | 0.1131 | -0.1656 | -0.56% | -0.90% | 2.58% | 2.58% | 6.02% | -8.81% |
| SAR | 74.8859 | 74.7887 | -0.0972 | 1.8239 | 1.3681 | -14.6809 | -0.13% | -0.64% | 2.44% | 2.44% | 1.83% | -19.60% |
| AED | 76.4904 | 76.386 | -0.1044 | 1.8484 | 1.3714 | -14.8380 | -0.14% | -0.65% | 2.42% | 2.42% | 1.79% | -19.40% |
| CNY | 38.3931 | 38.342 | -0.0511 | 0.9996 | 1.2766 | -5.8274 | -0.13% | -0.64% | 2.60% | 2.60% | 3.33% | -15.18% |
52 Week Performance
| Currency | High | Low | Trading Band | % Since High | % Since Low | High Date | Low Date | Days Since High | Days Since Low |
|---|---|---|---|---|---|---|---|---|---|
| USD | 220.648 | 307.1 | 86.4519 | -21.46% | 9.31% | 01-Nov-22 | 05-Sep-23 | 363 | 55 |
| EUR | 216.828 | 332.701 | 115.8730 | -26.85% | 12.25% | 04-Nov-22 | 31-Aug-23 | 360 | 60 |
| GBP | 248.795 | 387.972 | 139.1771 | -26.79% | 14.17% | 04-Nov-22 | 31-Aug-23 | 360 | 60 |
| CHF | 219.528 | 347.163 | 127.6353 | -29.39% | 11.67% | 04-Nov-22 | 31-Aug-23 | 360 | 60 |
| JPY | 1.4923 | 2.2178 | 0.7255 | -20.59% | 18.02% | 31-Oct-22 | 11-May-23 | 364 | 172 |
| SAR | 58.7219 | 81.8703 | 23.1484 | -21.58% | 9.33% | 01-Nov-22 | 05-Sep-23 | 363 | 55 |
| AED | 60.0729 | 83.6089 | 23.5360 | -21.46% | 9.31% | 01-Nov-22 | 05-Sep-23 | 363 | 55 |
| CNY | 30.2888 | 43.0908 | 12.8020 | -21.11% | 12.24% | 31-Oct-22 | 11-May-23 | 364 | 172 |
Copyright Mettis Link News
Posted on: 2023-10-30T15:47:11+05:00
