PKR depreciates 86 paisa against USD

July 07, 2023 (MLN): The Pakistani rupee (PKR) depreciated around 86 paisa against the US dollar in Friday's interbank session as the currency settled the trade at PKR 277.89 per USD, compared to the previous session's closing of PKR 277.03 per USD.

The currency saw an intraday high (bid) of 278.5 and a low (ask) of 278.25.

In the open market, Exchange Companies quoted the dollar at 277 for buying and 280 for selling.

In comparison to major currencies, PKR lost 1.7 rupees against the Euro, closing at 302.24 compared to the previous value of 300.54.

The British Pound became more expensive by 1.7 rupees closing at 353.92 compared to 352.22 from a day ago.

The Swiss franc saw gains of 1.97 rupees, closing at 310.23 compared to 308.26 from the previous session.

Against the Japanese Yen, PKR lost 1.57 paisa, closing at 1.939 versus 1.923 a day ago.

The Chinese Yuan gained 14.57 paisa, closing at 38.35 against 38.20 from the previous session.

The Saudi Riyal increased in value by 23.37 paisa from 75.42 a day ago to 75.65.

The U.A.E Dirham closed at 74.07 with a gain of 22.29 paisa from its values of 73.85 a day ago.

During the current financial year, PKR has appreciated against the Dollar by 8.09 Rupees or 2.91%. While the current calendar year has seen PKR depreciate by 51.47 Rupees or 18.52%.

In the Money Market, the benchmark 6-Month Karachi Interbank Bid and Offer rates inched down by 1 bps to 22.72% and 22.97%.

Furthermore, the State Bank of Pakistan (SBP) conducted an Open Market Operation (OMO) in which it cumulatively injected a total of Rs548.55 billion into the market.

Of which Rs494.55bn were injected through reverse repo purchase. 

While the remaining Rs54bn was injected through Shariah-Compliant Modarabah-based OMO. 

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