PKR continues downward trajectory, sheds 1.84 rupees against USD

August 02, 2023 (MLN): The Pakistani rupee (PKR) continued its downward trajectory by depreciating 1.84 rupees against the US dollar in Wednesday's interbank session as the currency settled the trade at PKR 289.38 per USD, compared to the previous session's closing of PKR 287.54 per USD.

The currency saw an intraday high (bid) of 289.25 and a low (ask) of 288.75.

In the open market, Exchange Companies quoted the dollar at 290 for buying and 293 for selling.

In comparison to major currencies, PKR lost 1.93 rupees against the Euro, closing at 317.71 compared to the previous value of 315.78.

The British Pound became more expensive by 1.83 rupees closing at 370.06 compared to 368.23 from a day ago.

The Swiss franc saw gains of 1.08 rupees, closing at 329.55 compared to 328.47 from the previous session.

Against the Japanese Yen, PKR lost 1.55 paisa, closing at 2.03 versus 2.0145 a day ago.

The Chinese Yuan gained 15.6 paisa, closing at 40.28 against 40.13 from the previous session.

The Saudi Riyal increased in value by 50.07 paisa from 78.28 a day ago to 78.78.

The U.A.E Dirham closed at 77.1243 with a gain of 48.92 paisa from its value of 76.64 a day ago.

During the current financial year, PKR has depreciated against the Dollar by 3.39 rupees or 1.17%. While the current calendar year has seen PKR depreciate by 62.95 rupees or 21.75%.

In the Money Market, the benchmark 6-Month Karachi Interbank Bid and Offer rates inched up by 1 bps to 22.76% and 23.01%.

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