October 31, 2023 (MLN): The Pakistani rupee (PKR) depreciated by over 52 paisa against the US dollar in Tuesday's interbank session as the currency settled the trade at PKR 281.47, as compared to the previous day's closing of PKR 280.95 per USD.
The currency saw an intraday high (bid) of 281.5 and a low (ask) of 281.4 against the greenback.
In the open market, the local unit lost 50 paisa as the exchange companies quoted the dollar at 280 for buying and 283 for selling compared to the previous closing of 279.5 for buying and 282.5 for selling.
To note, this marks the seventh consecutive session in which the local currency has lost its value against the U.S. Dollar.
Moreover, the PKR concluded the month of October with a gain of 6.26 rupees or 2.23% against the greenback.
It is important to mention that the State Bank of Pakistan (SBP) in its Monetary Policy Committee (MPC) meeting held yesterday decided to keep interest rates unchanged at 22%.
This decision came in line with the market expectations.
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 2.44 rupees against the Euro, closing at 298.84 compared to the previous value of 296.4.
The British Pound became expensive by 2.07 rupees, closing at 341.89 compared to 339.82 from a day ago.
Swiss franc saw gains of 1.01 rupees, closing at 311.9 compared to 310.89 from the previous session.
Against the Japanese Yen, PKR gained 0.73 paisa, closing at 1.872 versus 1.879 a day ago.
The Chinese Yuan gained 6.96 paisa, closing at 38.4627 against 38.3931 from the previous session.
The Saudi Riyal closed at 75.03 with a gain of 14.08 paisa from its value of 74.89 a day ago.
The U.A.E Dirham increased in value by 14.28 paisa from 76.49 a day ago to 76.633.
During the current financial year, PKR has appreciated against the Dollar by 4.52 rupees or 1.6%. While the current calendar year has seen PKR depreciate by 55.04 rupees or 19.56%.
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates inched up by 8 bps to 21.75% and 22%.
Performance Summary
| Currency | Oct 31, 2023 | Oct 30, 2023 | Change | 1 Month | FYTD | CYTD | 1 Day | 7 Day | 1 Month | MTD | FYTD | CYTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 281.4738 | 280.9493 | -0.5245 | 6.2646 | 4.5167 | -55.0429 | -0.19% | -0.73% | 2.23% | 2.23% | 1.60% | -19.56% |
| EUR | 298.8407 | 296.4016 | -2.4391 | 3.6011 | 14.0901 | -57.5332 | -0.82% | -0.47% | 1.21% | 1.21% | 4.71% | -19.25% |
| GBP | 341.8922 | 339.8223 | -2.0699 | 7.9689 | 22.2451 | -68.8165 | -0.61% | 0.19% | 2.33% | 2.33% | 6.51% | -20.13% |
| CHF | 311.8996 | 310.8879 | -1.0117 | 0.7236 | 7.8572 | -66.8710 | -0.32% | 0.44% | 0.23% | 0.23% | 2.52% | -21.44% |
| JPY | 1.8719 | 1.8792 | 0.0073 | 0.0558 | 0.1204 | -0.1583 | 0.39% | -0.17% | 2.98% | 2.98% | 6.43% | -8.46% |
| SAR | 75.0267 | 74.8859 | -0.1408 | 1.6831 | 1.2273 | -14.8217 | -0.19% | -0.72% | 2.24% | 2.24% | 1.64% | -19.76% |
| AED | 76.6332 | 76.4904 | -0.1428 | 1.7056 | 1.2286 | -14.9808 | -0.19% | -0.73% | 2.23% | 2.23% | 1.60% | -19.55% |
| CNY | 38.4627 | 38.3931 | -0.0696 | 0.9300 | 1.2070 | -5.8970 | -0.18% | -0.60% | 2.42% | 2.42% | 3.14% | -15.33% |
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 | -21.61% | 9.10% | 01-Nov-22 | 05-Sep-23 | 364 | 56 |
| EUR | 216.828 | 332.701 | 115.8730 | -27.44% | 11.33% | 04-Nov-22 | 31-Aug-23 | 361 | 61 |
| GBP | 248.795 | 387.972 | 139.1771 | -27.23% | 13.48% | 04-Nov-22 | 31-Aug-23 | 361 | 61 |
| CHF | 219.528 | 347.163 | 127.6353 | -29.62% | 11.31% | 04-Nov-22 | 31-Aug-23 | 361 | 61 |
| JPY | 1.4943 | 2.2178 | 0.7235 | -20.17% | 18.48% | 01-Nov-22 | 11-May-23 | 364 | 173 |
| SAR | 58.7219 | 81.8703 | 23.1484 | -21.73% | 9.12% | 01-Nov-22 | 05-Sep-23 | 364 | 56 |
| AED | 60.0729 | 83.6089 | 23.5360 | -21.61% | 9.10% | 01-Nov-22 | 05-Sep-23 | 364 | 56 |
| CNY | 30.3357 | 43.0908 | 12.7551 | -21.13% | 12.03% | 03-Nov-22 | 11-May-23 | 362 | 173 |
Copyright Mettis Link News
Posted on: 2023-10-31T16:23:38+05:00
