PKR depreciates by 1.11 rupees against USD

July 24, 2023 (MLN): The Pakistani rupee (PKR) continues its downward trajectory, depreciating by 1.11 rupees against the US dollar in Monday’s interbank session to settle at PKR 287.92 per USD, compared to the previous session's closing of PKR 286.81 per USD.

The currency saw an intraday high (bid) of 288.4 and a low (ask) of 288.2.

In the open market, Exchange Companies quoted the dollar at 289 for buying and 292 for selling.

It is worth noting that the fall in the domestic currency today against the greenback marks the seventh consecutive trading session of losses.

Despite Pakistan receiving a significant boost in its foreign exchange reserves during the previous week, experts believe that the currency may still face pressure due to the removal of import restrictions and a backlog of inbound shipments that are expected to enter the country.

In comparison to major currencies, PKR gained 11.64 paisa against the Euro, closing at 319.018 compared to the previous value of 319.135.

The British Pound became more expensive by 89.8 paisa closing at 370.02 compared to 369.12 from a day ago.

The Swiss franc saw gains of 76.6 paisa, closing at 331.76 compared to 330.99 from the previous session.

Against the Japanese Yen, PKR lost 0.86 paisa, closing at 2.035 versus 2.027 a day ago.

The Chinese Yuan gained 0.54 paisa, closing at 39.97 against 39.96 from the previous session.

The Saudi Riyal increased in value by 30.15 paisa from 78.085 a day ago to 78.386.

The U.A.E Dirham closed at 76.761 with a gain of 29.03 paisa from its value of 76.47 a day ago.

During the current financial year, PKR has depreciated against the Dollar by 1.93 rupees or 0.67%. While the current calendar year has seen PKR depreciate by 61.49 rupees or 21.36%.

In the Money Market, the benchmark 6-Month Karachi Interbank Bid and Offer rates inched up by 1 bps to 22.89% and 23.14%.

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