PKR breaks 8-day losing streak during intraday trade

MG News | July 26, 2023 at 10:54 AM GMT+05:00

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July 26, 2023 (MLN): The Pakistani rupee snaps the 8-day losing streak by recording a gain of 1.52 rupees against the greenback as the trades were reported at PKR 287 per USD during intraday trading today.

The dollar was quoted at 287.10/ 287.50 (10:53 PST) compared to the previous day’s close of 288.25 per USD.

Similarly, the local unit appreciated in the open market as the Exchange Companies (ECs) quoted the dollar at 290 for buying and 293 for selling as of (11:00 PST), compared to the previous day's rates of 292 for buying and 295 for selling.

In the week's earlier trading sessions, the domestic currency depreciated by 1.71 rupees against the greenback.

As per a recent development, the ECs, on need basis, are allowed to import cash US Dollars against the value of their export consignments of permissible foreign currencies within five working days.

However, the condition set by SBP on this is that the import of the total cash US Dollars by an EC during this period shall not exceed 50% of the value of its export consignments.

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