September 07, 2023 (MLN): The Pakistani rupee (PKR) appreciated by 2.04 rupees against the US dollar in Thursday's interbank session as the currency settled the trade at PKR 304.944 per USD, compared to the previous session's closing of PKR 306.98 per USD.
The currency saw an intraday high (bid) of 305.25 and a low (ask) of 305.
In the open market, Exchange Companies quoted the dollar at 304 for buying and 307 for selling, reflecting an appreciation in the local unit by 6 rupees compared to the previous close of 310 for buying and 313 for selling.
The local currency has appreciated because of the recent reforms introduced by the State Bank of Pakistan (SBP) in the exchange companies sector. These reforms aim to consolidate and transform various types of exchange companies into a single category with a well-defined mandate and higher capital requirements.
The reforms also encourage leading banks to establish wholly owned exchange companies to cater to the legitimate foreign exchange needs of the general public.
Moreover, the ongoing crackdown against speculators, hoarders, and smugglers has also boosted the sentiment.
To note, PKR in the open market has made a remarkable appreciation of 27 rupees in the Pakistani Rupee (PKR) against the US Dollar over just the past few trading sessions.
This narrows the gap between the interbank and open market to a mere 0.31%, significantly below the threshold of 1.25% suggested by the International Monetary Fund (IMF).
In comparison to major currencies, PKR gained 2.81 rupees against the Euro, closing at 326.67 compared to the previous value of 329.48.
The British Pound became cheaper by 5.25 rupees closing at 380.204 compared to 385.459 from a day ago.
The Swiss franc saw losses of 3 rupees, closing at 341.92 compared to 344.92 from the previous session.
Against the Japanese Yen, PKR gained 1.35 paisa, closing at 2.069 versus 2.08 a day ago.
The Chinese Yuan lost 39.28 paisa, closing at 41.62 against 42.01 from the previous session.
The Saudi Riyal decreased in value by 55.31 paisa from 83.58 a day ago to 83.02.
The U.A.E Dirham closed at 81.301 with a loss of 53.51 Paisa from its value of 81.84 a day ago.
During the current financial year, PKR has depreciated against the Dollar by 18.95 rupees or 6.22%. While the current calendar year has seen PKR depreciate by 78.51 rupees or 25.75%.
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates increased by 102 bps to 24.37% and 24.62%.
Performance Summary
| Currency | Sep 07, 2023 | Sep 06, 2023 | Change | 1 Month | FYTD | CYTD | 1 Day % | 7 Day % | 1 Month % | MTD % | FYTD % | CYTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD | 304.9440 | 306.9795 | 2.0355 | -17.0326 | -18.9535 | -78.5131 | 0.67 | 0.19 | -5.59 | 0.19 | -6.22 | -25.75 |
| EUR | 326.6712 | 329.4812 | 2.8100 | -10.6596 | -13.7404 | -85.3637 | 0.86 | 1.85 | -3.26 | 1.85 | -4.21 | -26.13 |
| GBP | 380.2042 | 385.4589 | 5.2547 | -13.0596 | -16.0669 | -107.1285 | 1.38 | 2.04 | -3.43 | 2.04 | -4.23 | -28.18 |
| CHF | 341.9229 | 344.9209 | 2.9980 | -12.8813 | -22.1661 | -96.8943 | 0.88 | 1.53 | -3.77 | 1.53 | -6.48 | -28.34 |
| JPY | 2.0689 | 2.0824 | 0.0135 | -0.0577 | -0.0766 | -0.3553 | 0.65 | 1.28 | -2.79 | 1.28 | -3.70 | -17.17 |
| SAR | 81.3010 | 81.8361 | 0.5351 | -4.5533 | -5.0470 | -21.0960 | 0.66 | 0.19 | -5.60 | 0.19 | -6.21 | -25.95 |
| AED | 83.0220 | 83.5751 | 0.5531 | -4.6372 | -5.1602 | -21.3696 | 0.67 | 0.19 | -5.59 | 0.19 | -6.22 | -25.74 |
| CNY | 41.6206 | 42.0134 | 0.3928 | -1.7022 | -1.9509 | -9.0549 | 0.94 | 0.70 | -4.09 | 0.70 | -4.69 | -21.76 |
52 Week Performance
| Currency | High | Low | Trading Band | % Since High | % Since Low | High Date | Low Date | Days Since High | Days Since Low |
|---|---|---|---|---|---|---|---|---|---|
| USD | 217.7919 | 307.0996 | 89.3077 | -28.58 | 0.71 | 11-Oct-22 | 05-Sep-23 | 331 | 2 |
| EUR | 211.2799 | 332.7005 | 121.4206 | -35.32 | 1.85 | 11-Oct-22 | 31-Aug-23 | 331 | 7 |
| GBP | 240.0284 | 387.9723 | 147.9439 | -36.87 | 2.04 | 11-Oct-22 | 31-Aug-23 | 331 | 7 |
| CHF | 217.6396 | 347.1630 | 129.5234 | -36.35 | 1.53 | 11-Oct-22 | 31-Aug-23 | 331 | 7 |
| JPY | 1.4676 | 2.2178 | 0.7502 | -29.06 | 7.20 | 21-Oct-22 | 11-May-23 | 321 | 119 |
| SAR | 57.9311 | 81.8703 | 23.9392 | -28.74 | 0.70 | 11-Oct-22 | 05-Sep-23 | 331 | 2 |
| AED | 59.2946 | 83.6089 | 24.3143 | -28.58 | 0.71 | 11-Oct-22 | 05-Sep-23 | 331 | 2 |
| CNY | 30.0713 | 43.0908 | 13.0195 | -27.75 | 3.53 | 25-Oct-22 | 11-May-23 | 317 | 119 |
Copyright Mettis Link News
Posted on:2023-09-07T16:03:55+05:00
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