PKR appreciates by around 1.24 rupees against the US dollar

July 11, 2023 (MLN): The Pakistani rupee (PKR) appreciated by 1.24 rupees against the US dollar in Tuesday's interbank session as the currency settled the trade at PKR 278.57 per USD, compared to the previous session's closing of PKR 279.80 per USD.

The currency saw an intraday high (bid) of 279 and a low (ask) of 278.75.

The positivity stemmed from Saudi Arabia's much-needed support of a $2 billion deposit to the State Bank of Pakistan (SBP).

This inflow will help Pakistan’s foreign exchange reserves to increase.

As of June 30, 2023, the country's total reserves stood at $9.75bn.

At the end of the outgoing month, the long-standing Staff Level Agreement (SLA) worth $3bn finally been signed between the International Monetary Fund (IMF) and Pakistan.

In the open market, Exchange Companies quoted the dollar at 281.0 for buying and 284.0 for selling.

In comparison to major currencies, PKR lost 17.68 Paisa against the Euro, closing at 306.7586 compared to the previous value of 306.5818.

The British Pound became more expensive by 50.44 Paisa closing at 359.0179 compared to 358.5135 from a day ago.

The Swiss franc saw gains of 1.51 rupees, closing at 316.105 compared to 314.5992 from the previous session.

Against the Japanese Yen, PKR lost 1.78 paisa, closing at 1.9825 versus 1.9647 a day ago.

The Chinese Yuan gained 0.47 paisa, closing at 38.6835 against 38.6788 from the previous session.

The Saudi Riyal decreased in value by 33.37 Paisa from 76.1777 a day ago to 75.844.

The U.A.E Dirham closed at 74.2639 with a loss of 32.28 paisa from its value of 74.5867 a day ago.

During the current financial year, PKR has appreciated against the Dollar by 7.42 Rupees or 2.66%. While the current calendar year has seen PKR depreciate by 52.14 Rupees or 18.72%.

In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates inched up by 1.0 bps to 22.74 and 22.99%.

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