PKR snaps 13-week winning streak against USD

February 16, 2024

February 16, 2024 (MLN): The Pakistani rupee (PKR) snapped its 13-week-long winning steak against the mighty Dollar with a marginal depreciation of around 8 paisa as the currency settled the last trading session of the week at PKR 279.36 per USD this week, compared to the previous week's closing of PKR 279.28 per USD.

In today's session, the home unit gained 1.81 paisa and witnessed an intraday high (bid) of 280 and a low (ask) of 279.8.

In the open market, exchange companies quoted the dollar at 281 for buying and 282.5 for selling.

The continuous instability arising in the political arena has imposed its hazards on the forex market, as earlier this week, the PKR was on a momentous upward spree against the dominant US Dollar.

The financial markets are uncertain about the new government, leading to pressure on the PKR.

The election outcome points to increased political instability, casting a darker shadow over growth and prospects for securing International Monetary Fund (IMF) aid the country needs to avoid default, said Bloomberg.

In comparison to major currencies, PKR lost 80.47 paisa against the Euro, closing at 300.66 compared to the previous value of 299.86.

The British Pound became expensive by 89.92 paisa closing at 351.41 compared to 350.51 from a day ago.

The Swiss franc saw gains of 98.3 paisa, closing at 316.91 compared to 315.93 from the previous session.

Against the Japanese Yen, PKR gained 0.18 paisa, closing at 1.8592 versus 1.861 a day ago.

The Chinese Yuan lost 0.25 paisa, closing at 38.83 against 38.84 from the previous session.

The Saudi Riyal closed at 74.49 with a loss of 0.49 paisa from its value of 74.49 a day ago.

The U.A.E Dirham decreased in value by 0.38 paisa from 76.06 a day ago to 76.07.

During the current financial year, PKR has appreciated against the Dollar by 6.63 rupees or 2.37%. While the current calendar year has seen PKR appreciate by 2.5 rupees or 0.9%.

In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates inched up by 4 bps to 21.23% and 21.48%.

It is important to highlight that in the PIB auction conducted by the central bank on Wednesday, yields recorded an increase of up to 5bps.

The sudden and slight uptick in yield comes as a result of the central bank's decision to maintain the interest rate at 22% for the fifth consecutive meeting held on January 29, 2024.

Performance Summary

Currency	Feb 16, 2024	Feb 15, 2024	Change	1 Month	FYTD	CYTD	1 Day	7 Day	1 Month	MTD	FYTD	CYTD
USD	279.3603	279.3784	0.0181	0.7398	6.6302	2.5004	0.01%	-0.03%	0.26%	0.05%	2.37%	0.9%
EUR	300.6616	299.8569	-0.8047	3.7793	12.2692	10.8367	-0.27%	0.07%	1.26%	0.56%	4.08%	3.6%
GBP	351.4074	350.5082	-0.8992	3.1014	12.7299	7.1898	-0.26%	0.26%	0.88%	0.81%	3.62%	2.05%
CHF	316.9148	315.9318	-0.983	7.8578	2.842	18.155	-0.31%	0.62%	2.48%	2.12%	0.9%	5.73%
JPY	1.8592	1.861	0.0018	0.0348	0.1331	0.1303	0.1%	0.55%	1.87%	1.81%	7.16%	7.01%
SAR	74.4881	74.493	0.0049	0.1953	1.7659	0.6747	0.01%	-0.02%	0.26%	0.06%	2.37%	0.91%
AED	76.062	76.0658	0.0038	0.1993	1.7998	0.6807	0%	-0.03%	0.26%	0.04%	2.37%	0.89%
CNY	38.8346	38.8371	0.0025	0.0833	0.8351	0.7968	0.01%	-0.03%	0.21%	0.22%	2.15%	2.05%

52 Week Performance

Currency	High	Low	Trading Band	% Since High	% Since Low	High Date	Low Date	Days Since High	Days Since Low
USD	259.923	307.1	47.1771	-6.96%	9.93%	27-Feb-23	05-Sep-23	354	164
EUR	274.296	332.701	58.4043	-8.77%	10.66%	27-Feb-23	31-Aug-23	354	169
GBP	310.789	387.972	77.183	-11.56%	10.41%	27-Feb-23	31-Aug-23	354	169
CHF	275.926	347.163	71.2367	-12.93%	9.54%	27-Feb-23	31-Aug-23	354	169
JPY	1.851	2.2178	0.3668	-0.44%	19.29%	16-Oct-23	11-May-23	123	281
SAR	69.2748	81.8703	12.5955	-7%	9.91%	27-Feb-23	05-Sep-23	354	164
AED	70.7677	83.6089	12.8412	-6.96%	9.92%	27-Feb-23	05-Sep-23	354	164
CNY	37.3219	43.0908	5.7689	-3.9%	10.96%	27-Feb-23	11-May-23	354	281