PKR depreciates by around 19 paisa against USD

July 31, 2023 (MLN): The Pakistani rupee (PKR) depreciated by around 19 paisa against the US dollar in Monday's interbank session as the currency settled the trade at PKR 286.64 per USD, compared to the previous session's closing of PKR 286.45 per USD.

The currency saw an intraday high (bid) of 286.75 and a low (ask) of 286.5.

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

To note, the depreciation comes after the domestic currency appreciated by 35.89 paisa or 0.13% last week.

The appreciation was attributed to the extension of Pakistan’s $2.4 billion loan for a time span of two years by China Exim Bank and expectations for a generous inflow of $600 million from a consortium of two major Chinese banks in the coming days.

In comparison to major currencies, PKR gained 2.56 rupees against the Euro, closing at 316.15 compared to the previous value of 318.71.

The British Pound became cheaper by 3.38 rupees closing at 368.43 compared to 371.81 from a day ago.

The Swiss franc saw losses of 4.76 rupees, closing at 329.45 compared to 334.21 from the previous session.

Against the Japanese Yen, PKR gained 3.54 paisa, closing at 2.013 versus 2.048 a day ago.

The Chinese Yuan lost 3.24 paisa, closing at 40.1038 against 40.13 from the previous session.

The Saudi Riyal increased in value by 5.26 paisa from 77.98 a day ago to 78.04.

The U.A.E Dirham closed at 76.41 with a gain of 4.75 paisa from its value of 76.36 a day ago.

During the current financial year, PKR has depreciated against the Dollar by 65.11 paisa or 0.23%. While the current calendar year has seen PKR depreciate by 60.21 rupees or 21.01%.

In the Money Market, the benchmark 6-Month Karachi Interbank Bid and Offer rates inched up by 5 bps to 22.97% and 23.22%.

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