October 23, 2023 (MLN): The Pakistani rupee (PKR) started the week depreciating by 32 paisa against the US dollar in Monday's interbank session to settle at PKR 279.12, as compared to the previous day's closing of PKR 278.8.
The local unit saw an intraday high (bid) of 279.1 and a low (ask) of 278.9.
It is important to mention that last week, the local unit snapped its 28-day historic streak of upward trajectory against the USD, depreciating by 1.18 rupees against the greenback.
The decline was attributed to the news flow regarding the low liquidity of US Dollars within banks, due to which they were quoting forward rates.
However, the army-backed crackdown to restrict illegal dollar outflows, along with other administrative measures implemented by the government still backed the local unit.
Syed Shabbar Zaidi, ex-chairman of the Federal Board of Revenue in a post on X (formerly Twitter) termed the US dollar hike as ‘artificial’, urging the authorities to take immediate action.
“Names of all persons buying from Exchange Companies regularly & frequently to be communicated to State Bank & FBR. Exchange Company’s sale of Dollar to be inspected daily by State Bank staff. Intelligence agencies to be activated.” he added.
The 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 improving transparency.
It is worth noting that the SBP suspended the authorization of five exchange companies of B- Category last week, underscoring the central bank’s commitment to ensuring compliance with regulatory standards.
This comes in addition to the suspension of four exchange companies in the previous month.
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; Habib Metropolitation Bank (PSX: HMB), Bank Al Falah Limited (BAFL), 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 81.77 paisa against the Euro, closing at 296.06 compared to the previous value of 295.25.
The British Pound became expensive by 1.93 rupees closing at 339.82 compared to 337.89 from a day ago.
The Swiss franc saw losses of 35.57 paisa, closing at 312.62 compared to 312.97 from the previous session.
Against the Japanese Yen, PKR lost 0.29 paisa, closing at 1.862 versus 1.859 a day ago.
The Chinese Yuan gained 4.17 paisa, closing at 38.1466 against 38.1049 from the previous session.
The Saudi Riyal closed at 74.41 with a gain of 8.74 paisa from its value of 74.32 a day ago.
The U.A.E Dirham increased in value by 9.03 paisa from 75.902 a day ago to 75.993.
During the current financial year, PKR has appreciated against the Dollar by 6.87 rupees or 2.46%. While the current calendar year has seen PKR depreciate by 52.69 rupees or 18.88%.
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates inched up by 2 bps to 21.82% and 22.07%.
Performance Summary
| Currency | Oct 23, 2023 | Oct 20, 2023 | Change | 1 Month | FYTD | CYTD | 1 Day | 7 Day | 1 Month | MTD | FYTD | CYTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 279.1207 | 278.7966 | -0.3241 | 12.6422 | 6.8698 | -52.6898 | -0.12% | -0.82% | 4.53% | 3.09% | 2.46% | -18.88% |
| EUR | 296.0633 | 295.2456 | -0.8177 | 14.5475 | 16.8675 | -54.7558 | -0.28% | -1.50% | 4.91% | 2.15% | 5.70% | -18.49% |
| GBP | 339.8154 | 337.8875 | -1.9279 | 18.1048 | 24.3219 | -66.7397 | -0.57% | -0.82% | 5.33% | 2.96% | 7.16% | -19.64% |
| CHF | 312.6176 | 312.9733 | 0.3557 | 9.5944 | 7.1392 | -67.5890 | 0.11% | -1.97% | 3.07% | 0.00% | 2.28% | -21.62% |
| JPY | 1.8622 | 1.8593 | -0.0029 | 0.1047 | 0.1301 | -0.1486 | -0.16% | -0.60% | 5.62% | 3.52% | 6.99% | -7.98% |
| SAR | 74.4094 | 74.322 | -0.0874 | 3.3723 | 1.8446 | -14.2044 | -0.12% | -0.82% | 4.53% | 3.09% | 2.48% | -19.09% |
| AED | 75.9926 | 75.9023 | -0.0903 | 3.4451 | 1.8692 | -14.3402 | -0.12% | -0.82% | 4.53% | 3.09% | 2.46% | -18.87% |
| CNY | 38.1466 | 38.1049 | -0.0417 | 1.8168 | 1.5231 | -5.5809 | -0.11% | -0.74% | 4.76% | 3.27% | 3.99% | -14.63% |
52 Week Performance
| Currency | High | Low | Trading Band | % Since High | % Since Low | High Date | Low Date | Days Since High | Days Since Low |
|---|---|---|---|---|---|---|---|---|---|
| USD | 219.731 | 307.1 | 87.3685 | -21.28% | 10.02% | 25-Oct-22 | 05-Sep-23 | 363 | 48 |
| EUR | 216.771 | 332.701 | 115.9297 | -26.78% | 12.37% | 24-Oct-22 | 31-Aug-23 | 364 | 53 |
| GBP | 248.67 | 387.972 | 139.3026 | -26.82% | 14.17% | 25-Oct-22 | 31-Aug-23 | 363 | 53 |
| CHF | 219.424 | 347.163 | 127.7391 | -29.81% | 11.05% | 25-Oct-22 | 31-Aug-23 | 363 | 53 |
| JPY | 1.4757 | 2.2178 | 0.7421 | -20.76% | 19.10% | 25-Oct-22 | 11-May-23 | 363 | 165 |
| SAR | 58.4702 | 81.8703 | 23.4001 | -21.42% | 10.03% | 25-Oct-22 | 05-Sep-23 | 363 | 48 |
| AED | 59.8233 | 83.6089 | 23.7856 | -21.28% | 10.02% | 25-Oct-22 | 05-Sep-23 | 363 | 48 |
| CNY | 30.0713 | 43.0908 | 13.0195 | -21.17% | 12.96% | 25-Oct-22 | 11-May-23 | 363 | 165 |
Copyright Mettis Link News
Posted on: 2023-10-23T15:49:53+05:00
