August 29, 2023 (MLN): The Pakistani rupee (PKR) continued its descent as it depreciated by 1.06 rupees against the US dollar in Tuesday's interbank session and settled the trade at PKR 303.05 per USD, compared to the previous session's closing of PKR 301.997 per USD.
The currency saw an intraday high (bid) of 303.75 and a low (ask) of 303.25.
In the open market, Exchange Companies quoted the dollar at 316 for buying and 321 for selling.
This takes the gap between the interbank and open market rate to 4.10% and has exceeded the recommended 1.25% threshold set by the International Monetary Fund (IMF) for the last 17 consecutive days.
The local unit continues to face immense pressure as the removal of restrictions on letters of credit (LCs) has led to an increased demand for dollars.
Recalling the IMF staff report issued on July 18, 2023, a market-determined exchange rate was recommended to absorb external pressures. Consequently, the government's ability to control the rupee through trade restrictions has been limited.
In comparison to major currencies, PKR lost 1.41 rupees against the Euro, closing at 327.57 compared to the previous value of 326.16.
The British Pound became more expensive by 2.43 rupees closing at 382.103 compared to 379.67 from a day ago.
The Swiss franc saw gains of 96.14 paisa, closing at 342.471 compared to 341.509 from the previous session.
Against the Japanese Yen, PKR lost 0.7 paisa, closing at 2.068 versus 2.0606 a day ago.
The Chinese Yuan gained 15.98 paisa, closing at 41.56 against 41.40 from the previous session.
The Saudi Riyal increased in value by 29.31 paisa from 82.22 a day ago to 82.52.
The U.A.E Dirham closed at 80.7892 with a gain of 29.11 paisa from its value of 80.50 a day ago.
During the current financial year, PKR has depreciated against the Dollar by 17.06 rupees or 5.63%. While the current calendar year has seen PKR depreciate by 76.62 rupees or 25.28%.
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates remained unchanged at 22.91% and 23.16%.
Performance Summary
| Currency | Aug 29, 2023 | Aug 28, 2023 | Change | 1 Month | FYTD | CYTD | 1 Day % | 7 Day % | 1 Month % | MTD % | FYTD % | CYTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 303.05 | 301.997 | -1.06 | -16.60 | -17.06 | -76.62 | -0.35 | -1.33 | -5.48 | -5.42 | -5.63 | -25.28 |
| EUR | 327.57 | 326.16 | -1.41 | -8.86 | -14.64 | -86.26 | -0.43 | -0.36 | -2.71 | -3.49 | -4.47 | -26.33 |
| GBP | 382.10 | 379.67 | -2.43 | -10.29 | -17.97 | -109.03 | -0.64 | 0.06 | -2.69 | -3.58 | -4.70 | -28.53 |
| CHF | 342.47 | 341.51 | -0.96 | -8.26 | -22.71 | -97.44 | -0.28 | -0.53 | -2.41 | -3.80 | -6.63 | -28.45 |
| JPY | 2.068 | 2.061 | -0.007 | -0.020 | -0.07 | -0.35 | -0.34 | -0.74 | -0.94 | -2.66 | -3.64 | -17.12 |
| SAR | 80.79 | 80.50 | -0.29 | -4.42 | -4.54 | -20.58 | -0.36 | -1.33 | -5.48 | -5.42 | -5.61 | -25.48 |
| AED | 82.52 | 82.22 | -0.29 | -4.53 | -4.65 | -20.86 | -0.36 | -1.35 | -5.49 | -5.43 | -5.64 | -25.28 |
| CNY | 41.56 | 41.40 | -0.16 | -1.43 | -1.89 | -8.99 | -0.38 | -1.36 | -3.43 | -3.51 | -4.55 | -21.64 |
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 | 303.05 | 85.26 | -28.13 | 0.00 | 11-Oct-22 | 29-Aug-23 | 322 | 0 |
| EUR | 211.28 | 327.57 | 116.29 | -35.50 | 0.00 | 11-Oct-22 | 29-Aug-23 | 322 | 0 |
| GBP | 240.028 | 382.34 | 142.31 | -37.18 | 0.06 | 11-Oct-22 | 22-Aug-23 | 322 | 7 |
| CHF | 217.64 | 342.47 | 124.83 | -36.45 | 0.00 | 11-Oct-22 | 29-Aug-23 | 322 | 0 |
| JPY | 1.47 | 2.218 | 0.75 | -29.02 | 7.26 | 21-Oct-22 | 11-May-23 | 312 | 110 |
| SAR | 57.93 | 80.79 | 22.86 | -28.29 | 0.00 | 11-Oct-22 | 29-Aug-23 | 322 | 0 |
| AED | 59.30 | 82.52 | 23.22 | -28.14 | 0.00 | 11-Oct-22 | 29-Aug-23 | 322 | 0 |
| CNY | 30.07 | 43.09 | 13.020 | -27.65 | 3.68 | 25-Oct-22 | 11-May-23 | 308 | 110 |
Copyright Mettis Link News
Posted on:2023-08-29T16:10:16+05:00
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