PKR appreciates by around 23 paisa against the US dollar

August 04, 2023 (MLN): The Pakistani rupee (PKR) appreciated by around 23 paisa against the US dollar in Friday's interbank session as the currency settled the trade at PKR 286.97 per USD, compared to the previous session's closing of PKR 287.20 per USD.

The currency saw an intraday high (bid) of 287.5 and a low (ask) of 287.25.

In the open market, Exchange Companies quoted the dollar at 293 for buying and 295 for selling.

To note, this gain comes after the domestic currency snapped the 3-day losing streak by appreciating 2.18 rupees against the US dollar in Thursday's interbank session.

The appreciation can be attributed to the positivity surrounding the approval of the Pakistan Sovereign Wealth Fund worth $8 billion by the majority of the senators on August 03.

The newly established Sovereign Wealth Fund will exploit the three drivers of growth; mining, agriculture, and information technology up to their full potential.

During the week PKR depreciated by 51.45 paisa or 0.18% compared to the previous weeks closing of 286.45.

In comparison to major currencies, PKR lost 44.61 paisa against the Euro, closing at 313.98 compared to the previous value of 313.54.

The British Pound became more expensive by 0.27 paisa closing at 364.5337 compared to 364.531 from a day ago.

The Swiss franc saw losses of 4.45 paisa, closing at 327.06 compared to 327.11 from the previous session.

Against the Japanese Yen, PKR lost 0.49 paisa, closing at 2.0115 versus 2.0066 a day ago.

The Chinese Yuan gained 1.54 paisa, closing at 39.956 against 39.941 from the previous session.

The Saudi Riyal decreased in value by 6.19 paisa from 78.19 a day ago to 78.13.

The U.A.E Dirham closed at 76.49 with a loss of 6.38 paisa from its value of 76.55 a day ago.

During the current financial year, PKR has depreciated against the Dollar by 97.61 paisa or 0.34%. While the current calendar year has seen PKR depreciate by 60.54 rupees or 21.1%.

In the Money Market, the benchmark 6-Month Karachi Interbank Bid and Offer rates inched down by 1 bps to 22.69% and 22.94%.

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