PKR appreciates by 45 paisa against greenback

News Image

MG News | August 02, 2022 at 04:56 PM GMT+05:00

0:00

August 02, 2022 (MLN): Maintaining its gaining streak, the Pakistani rupee (PKR) has appreciated by 45 paisa against the US dollar in the interbank session as the currency closed the day's trade at PKR 238.38 per USD compared to yesterday's closing of PKR 238.84 per USD.

This recovery is primarily attributable to the ease in import payments. Furthermore, the latest statement by the Federal Minister for Finance and Revenue Miftah Ismail pertaining to ease in dollar PKR parity in the coming days.

As per the latest development, Dr. Esther Perez Ruiz, International Monetary Fund (IMF)’s Resident Representative for Pakistan on Wednesday said, "Pakistan has completed all prior actions for loan review."

In a message to a news agency, she said that the country has met its last prior action of the IMF for the combined 7th and 8th review after increasing the petroleum development levy (PDL).

This development would help the country to receive $1.177 billion after the approval of IMF’s Executive Board, bringing total disbursements under the program to about $4.2bn which would further improve the dollar PKR parity. 

According to market experts, in the backdrop of the current economic fundamentals of Pakistan, PKR should not be quoted at more than 190 rupees per USD.  

The rupee traded in a range of 60 paisa per USD showing an intraday high bid of 238.60 and an intraday low offer of 238.50 while in the open market, PKR was traded at 238/240 per USD.

PKR lost 35.53 rupees or 14.07% in FYTD, while it plummeted by 61.87 rupees or 25.95% against the USD, as per data compiled by Mettis Global.

During the last 52 weeks, PKR lost 31.53% against the greenback while reaching its lowest at 239.94 on July 28, 2022, and the highest of 163.22 on August 05, 2021.

Furthermore, the local unit has weakened by 21.45% and 23.08% against EUR and GBP, respectively since its high on August 20, 2021.

In addition to it, the performance of the local unit remained satisfactory against other major currencies in MTD as the currency gained 0.86%, 0.54%, 0.44%, 0.42%, 0.34%, and 0.33%, against CNY, GBP, SAR, AED, CHF, and EUR respectively. On the other hand, the domestic unit lost 1.01% against JPY during the same period. 

The currency gained 1.4 rupees against the Pound Sterling as the day's closing quote stood at PKR 290.72 per GBP, while the previous session closed at PKR 292.11 per GBP.

Similarly, PKR's value strengthened by 93 paisa against EUR which closed at PKR 244.01 at the interbank today.

On another note, within the money market, the overnight repo rate towards the close of the session was 14.50/14.75%, whereas the 1-week rate was 14.85/14.95%.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 134,299.77
290.06M
0.39%
517.42
ALLSHR 84,018.16
764.12M
0.48%
402.35
KSE30 40,814.29
132.59M
0.33%
132.52
KMI30 192,589.16
116.24M
0.49%
948.28
KMIALLSHR 56,072.25
387.69M
0.32%
180.74
BKTi 36,971.75
19.46M
-0.05%
-16.94
OGTi 28,240.28
6.19M
0.21%
58.78
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 118,140.00 119,450.00
115,635.00
4270.00
3.75%
BRENT CRUDE 70.63 70.71
68.55
1.99
2.90%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
1.10
1.14%
ROTTERDAM COAL MONTHLY 108.75 108.75
108.75
0.40
0.37%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.75 68.77
66.50
2.18
3.27%
SUGAR #11 WORLD 16.56 16.60
16.20
0.30
1.85%

Chart of the Day


Latest News
July 13, 2025 at 10:26 AM GMT+05:00

K-Electric dispels rumours of peak hour changes


July 11, 2025 at 10:56 PM GMT+05:00

Gold price in Pakistan rises Rs2,300 per tola


July 11, 2025 at 05:49 PM GMT+05:00

PKR gains 10 paisa per USD


July 11, 2025 at 05:41 PM GMT+05:00

PSX Closing Bell: Bulls Serenade The Bourse


July 11, 2025 at 05:06 PM GMT+05:00

UBL doubles profit to Rs65bn in 1HCY25



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg