July 20, 2023 (MLN): The Pakistani rupee (PKR) faced more pressure by depreciating around 1.35 rupees against the US dollar in Thursday's interbank session as the currency settled the trade at PKR 285.15 per USD, compared to the previous session's closing of PKR 283.80 per USD.
The currency saw an intraday high (bid) of 284.9 and a low (ask) of 284.6.
It is worth noting that the domestic currency has depreciated for a consecutive 5 trading sessions against the US dollar.
In the open market, Exchange Companies quoted the dollar at 288 for buying and 291 for selling.
As per the Staff Report issued by the International Monetary Fund (IMF) on Tuesday, the exchange rates between Pakistani rupees and foreign currencies shall be determined free from any formal or informal influence.
This is a significant development for the domestic currency as it would lead to a fair exchange rate and will determine the true value of the currency.
"Once proper market functioning is restored, the board is committed to maintaining the average premium between the interbank and open market rate at no more than 1.25% and no less than 1.25% during any consecutive 5 business day period (continuous SB)," the report further reads.
In comparison to major currencies, PKR lost 1.11 rupees against the Euro, closing at 319.66 compared to the previous value of 318.55.
The British Pound became more expensive by 78.91 paisa closing at 368.41 compared to 367.62 from a day ago.
The Swiss franc saw gains of 1.78 rupees, closing at 332.30 compared to 330.52 from the previous session.
Against the Japanese Yen, PKR lost 0.9 paisa, closing at 2.043 versus 2.034 a day ago.
The Chinese Yuan gained 38.93 paisa, closing at 39.71 against 39.32 from the previous session.
The Saudi Riyal increased in value by 36.98 paisa from 77.26 a day ago to 77.63.
The U.A.E Dirham closed at 76.016 with a gain of 36.71 Paisa from its value of 75.6491 a day ago.
During the current financial year, PKR has appreciated against the Dollar by 84.25 paisa or 0.3%. While the current calendar year has seen PKR depreciate by 58.72 rupees or 20.59%.
In the Money Market, the benchmark 6-Month Karachi Interbank Bid and Offer rates inched up by 7 bps to 22.83% and 23.08%.
Performance Summary
| Currency | Jul 20, 2023 | Jul 19, 2023 | Change | 1 Month | FYTD | CYTD | 1 Day % | 7 Day % | 1 Month % | MTD % | FYTD % | CYTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 285.14 | 283.80 | -1.34 | 2.06 | 0.84 | -58.71 | -0.47 | -3.05 | 0.73 | 0.30 | 0.30 | -20.59 |
| EUR | 319.66 | 318.55 | -1.11 | -5.68 | -6.73 | -78.35 | -0.35 | -3.47 | -1.78 | -2.11 | -2.11 | -24.51 |
| GBP | 368.41 | 367.62 | -0.78 | -1.20 | -4.27 | -95.33 | -0.21 | -2.13 | -0.33 | -1.16 | -1.16 | -25.88 |
| CHF | 332.30 | 330.52 | -1.78 | -11.91 | -12.54 | -87.27 | -0.54 | -3.61 | -3.58 | -3.78 | -3.78 | -26.26 |
| JPY | 2.04 | 2.03 | -0.009 | -0.015 | -0.051 | -0.33 | -0.44 | -2.28 | -0.76 | -2.50 | -2.50 | -16.14 |
| SAR | 76.01 | 75.65 | -0.36 | 0.54 | 0.237 | -15.81 | -0.48 | -3.06 | 0.72 | 0.31 | 0.31 | -20.80 |
| AED | 77.63 | 77.26 | -0.37 | 0.56 | 0.226 | -15.98 | -0.48 | -3.05 | 0.72 | 0.29 | 0.29 | -20.59 |
| CNY | 39.71 | 39.32 | -0.39 | 0.31 | -0.039 | -7.14 | -0.98 | -2.81 | 0.79 | -0.10 | -0.10 | -17.99 |
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 | -24.99 | 4.83 | 16-Aug-22 | 11-May-23 | 338 | 70 |
| EUR | 211.28 | 326.85 | 115.57 | -33.91 | 2.25 | 11-Oct-22 | 11-May-23 | 282 | 70 |
| GBP | 240.028 | 376.32 | 136.29 | -34.85 | 2.15 | 11-Oct-22 | 11-May-23 | 282 | 70 |
| CHF | 217.64 | 334.22 | 116.58 | -34.51 | 0.58 | 11-Oct-22 | 11-May-23 | 282 | 70 |
| JPY | 1.46 | 2.21 | 0.75 | -28.18 | 8.54 | 21-Oct-22 | 11-May-23 | 272 | 70 |
| SAR | 56.97 | 79.70 | 22.73 | -25.05 | 4.85 | 16-Aug-22 | 11-May-23 | 338 | 70 |
| AED | 58.23 | 81.40 | 23.17 | -24.99 | 4.86 | 16-Aug-22 | 11-May-23 | 338 | 70 |
| CNY | 30.07 | 43.09 | 13.02 | -24.27 | 8.52 | 25-Oct-22 | 11-May-23 | 268 | 70 |
Copyright Mettis Link News
Posted on: 2023-07-20T16:00:27+05:00
