PKR appreciates by around 59 paisa against the US dollar

July 27, 2023 (MLN): The Pakistani rupee (PKR) appreciated by around 59 paisa against the US dollar in Thursday's interbank session as the currency settled the trade at PKR 286.45 per USD, compared to the previous session's closing of PKR 287.04 per USD.

The currency saw an intraday high (bid) of 287 and a low (ask) of 286.9.

In the open market, Exchange Companies quoted the dollar at 288 for buying and 291 for selling.

During the week PKR appreciated by 35.89 paisa or 0.13% compared to the previous weeks closing of 286.81.

It is worth noting that the domestic currency snapped the 8-day losing streak by appreciating by 1.48 rupees against the US dollar in Wednesday's interbank session.

The appreciation can be attributed to the extension of Pakistan’s $2.4 billion loan for a time span of two years by China Exim Bank.

Moreover, a generous inflow of $600 million is expected from a consortium of two major Chinese banks in the coming days, which is expected to further strengthen FX reserves.

In comparison to major currencies, PKR lost 94.05 paisa against the Euro, closing at 318.70 compared to the previous value of 317.76.

The British Pound became more expensive by 1.43 rupees closing at 371.815 compared to 370.38 from a day ago.

The Swiss franc saw gains of 1.45 rupees, closing at 334.21 compared to 332.76 from the previous session.

Against the Japanese Yen, PKR lost 0.43 paisa, closing at 2.048 versus 2.044 a day ago.

The Chinese Yuan lost 1.13 paisa, closing at 40.13 against 40.14 from the previous session.

The Saudi Riyal decreased in value by 16.07 paisa from 78.15 a day ago to 77.99.

The U.A.E Dirham closed at 76.3648 with a loss of 15.64 paisa from its value of 76.52 a day ago.

During the current financial year, PKR has depreciated against the Dollar by 46.16 paisa or 0.16%. While the current calendar year has seen PKR depreciate by 60.02 rupees or 20.95%.

In the Money Market, the benchmark 6-Month Karachi Interbank Bid and Offer rates inched down by 2 bps to 22.92% and 23.17%.

The State Bank of Pakistan (SBP) conducted an Open Market Operation (OMO) in which it mopped up a total of Rs1.22 trillion from the market.

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