PKR continues its descent, hits new low of 305.54 per USD

August 31, 2023 (MLN):  The Pakistani rupee (PKR) continued its downward trajectory, depreciating by 1.09 rupees against the US dollar in Thursday's interbank session to settle at PKR 305.538 per USD, compared to the previous session's closing rate of PKR 304.445 per USD.

The currency saw an intraday high (bid) of 305.6 and a low (ask) of 305.4.

In the open market, Exchange Companies quoted the dollar at 321 for buying and 324 for selling.

The local unit continues to face immense pressure as the removal of restrictions on letters of credit (LCs) has led to an increased demand for dollars.

Recalling the IMF staff report issued on July 18, 2023, a market-determined exchange rate was recommended to absorb external pressures. Consequently, the government's ability to control the rupee through trade restrictions has been limited.

In comparison to major currencies, PKR lost 1.92 rupees against the Euro, closing at 332.7005 compared to the previous value of 330.780.

The British Pound became more expensive by 3.14 rupees closing at 387.972 compared to 384.834 from a day ago.

The Swiss franc saw gains of 1.05 rupees, closing at 347.16 compared to 346.128 from the previous session.

Against the Japanese Yen, PKR lost 1.65 paisa, closing at 2.095 versus 2.079 a day ago.

The Chinese Yuan gained 16.4 paisa, closing at 41.91 against 41.75 from the previous session.

The Saudi Riyal increased in value by 29.43 paisa from 82.89 a day ago to 83.184.

The U.A.E Dirham closed at 81.46 with a gain of 29.9 paisa from its value of 81.16 a day ago.

During the current financial year, PKR has depreciated against the Dollar by 19.55 rupees or 6.4%. While the current calendar year has seen PKR depreciate by 79.11 rupees or 25.89%.

In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates inched up by 6 bps to 22.96% and 23.21%.

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