March 13, 2024 (MLN): The Pakistani rupee (PKR) appreciated by over 29 paisa against the US dollar in Wednesday's interbank session as the currency settled the trade at PKR 278.79 per USD, compared to the previous session's closing of PKR 279.08 per USD.
The currency saw an intraday high (bid) of 279.15 and a low (ask) of 278.65.
In the open market, exchange companies quoted the dollar at 279.03 for buying and 281.61 for selling.
This sudden strengthening of domestic currency can be attributed to exporters selling Dollars in forward, leading to a drop in premiums.
It is crucial to note that Muhammad Aurangzeb has officially taken over the responsibility as Finance Minister of Pakistan.
Pakistan has met all Structural Benchmarks, Qualitative Performance Criteria, and Indicative Targets for the final tranche of $1.1 billion, a press release issued by the finance division highlighted today.
According to Goldman Sachs’ GSDEER framework, PKR is nearly 20% undervalued on a 12-month horizon and offers about 26% nominal carry.
The Goldman Sachs Economic Research report further suggests that positive real rates could be the catalyst needed for the Rupee's value increase, provided inflation rates begin to decline.
In comparison to major currencies, PKR gained 71.17 paisa against the Euro, closing at 304.74 compared to the previous value of 305.45.
The British Pound became cheaper by 1.85 rupees closing at 356.66 compared to 358.52 from a day ago.
The Swiss franc saw losses of 1.04 rupees, closing at 317.56 compared to 318.6 from the previous session.
Against the Japanese Yen, PKR gained 1.5 paisa, closing at 1.8869 versus 1.9019 a day ago.
The Chinese Yuan lost 10.43 paisa, closing at 38.76 against 38.86 from the previous session.
The Saudi Riyal closed at 74.33 with a loss of 7.63 paisa from its value of 74.41 a day ago.
The U.A.E Dirham decreased in value by 7.69 paisa from 75.9 a day ago to 75.98.
During the current financial year, PKR has appreciated against the Dollar by 7.2 rupees or 2.58%. While the current calendar year has seen PKR appreciate by 3.08 rupees or 1.1%.
In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates inched down by 3 bps to 21.1% and 21.35%.
Performance Summary
Currency | Mar 13, 2024 | Mar 11, 2024 | Change | 1 Month | FYTD | CYTD | 1 Day | 7 Day | 1 Month | MTD | FYTD | CYTD |
---|---|---|---|---|---|---|---|---|---|---|---|---|
USD | 278.7856 | 279.0793 | 0.2937 | 0.5297 | 7.2049 | 3.0751 | 0.11% | 0.2% | 0.19% | 0.12% | 2.58% | 1.1% |
EUR | 304.7406 | 305.4523 | 0.7117 | -5.8313 | 8.1902 | 6.7577 | 0.23% | -0.44% | -1.91% | -0.76% | 2.69% | 2.22% |
GBP | 356.6644 | 358.5192 | 1.8548 | -6.2074 | 7.4729 | 1.9328 | 0.52% | -0.45% | -1.74% | -0.96% | 2.1% | 0.54% |
CHF | 317.5597 | 318.6019 | 1.0422 | -2.9799 | 2.1971 | 17.5101 | 0.33% | -0.52% | -0.94% | 0.03% | 0.69% | 5.51% |
JPY | 1.8869 | 1.9019 | 0.015 | -0.0315 | 0.1054 | 0.1026 | 0.79% | -1% | -1.67% | -1.15% | 5.59% | 5.44% |
SAR | 74.3329 | 74.4092 | 0.0763 | 0.1432 | 1.9211 | 0.8299 | 0.1% | 0.2% | 0.19% | 0.12% | 2.58% | 1.12% |
AED | 75.9044 | 75.9813 | 0.0769 | 0.1453 | 1.9574 | 0.8383 | 0.1% | 0.2% | 0.19% | 0.12% | 2.58% | 1.1% |
CNY | 38.7576 | 38.8619 | 0.1043 | 0.0707 | 0.9121 | 0.8738 | 0.27% | 0.12% | 0.18% | 0.1% | 2.35% | 2.25% |
52 Week Performance
Currency | High | Low | Trading Band | % Since High | % Since Low | High Date | Low Date | Days Since High | Days Since Low |
---|---|---|---|---|---|---|---|---|---|
USD | 275.438 | 307.1 | 31.6619 | -1.2% | 10.16% | 04-Jul-23 | 05-Sep-23 | 253 | 190 |
EUR | 291.618 | 332.701 | 41.083 | -4.31% | 9.17% | 16-Oct-23 | 31-Aug-23 | 149 | 195 |
GBP | 337.032 | 387.972 | 50.9401 | -5.5% | 8.78% | 16-Oct-23 | 31-Aug-23 | 149 | 195 |
CHF | 304.802 | 347.163 | 42.3606 | -4.02% | 9.32% | 17-Mar-23 | 31-Aug-23 | 362 | 195 |
JPY | 1.851 | 2.2178 | 0.3668 | -1.9% | 17.54% | 16-Oct-23 | 11-May-23 | 149 | 307 |
SAR | 73.4412 | 81.8703 | 8.429 | -1.2% | 10.14% | 04-Jul-23 | 05-Sep-23 | 253 | 190 |
AED | 74.9888 | 83.6089 | 8.620 | -1.21% | 10.15% | 04-Jul-23 | 05-Sep-23 | 253 | 190 |
CNY | 37.8634 | 43.0908 | 5.2274 | -2.31% | 11.18% | 16-Oct-23 | 11-May-23 | 149 | 307 |
Copyright Mettis Link News
Posted on:2024-03-13T15:02:28+05:00
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