PKR depreciates by over 17 paisa against USD

September 04, 2023 (MLN): The Pakistani rupee (PKR) continues to face pressure as it depreciated by over 17 paisa against the US dollar in Monday's interbank session, settling the trade at PKR 305.6427 per USD compared to the previous session's closing of PKR 305.47 per USD.

The currency saw an intraday high (bid) of 305.9 and a low (ask) of 305.5.

In the open market, Exchange Companies quoted the dollar at 331 for buying and 334 for selling.

The stress over the domestic unit still persists due to the removal of restrictions on letters of credit (LCs) has led to an increased demand for dollars.

The gap between the interbank and open market rate has exceeded the recommended 1.25% threshold set by the International Monetary Fund (IMF).

To note, the PKR lost around 1.46% of its value against the USD last week to settle at PKR 305.467 per USD.

In comparison to major currencies, PKR gained 1.48 rupees against the Euro, closing at 330.0482 compared to the previous value of 331.52.

The British Pound became cheaper by 1.46 rupees closing at 385.966 compared to 387.424 from a day ago.

The Swiss franc saw losses of 29.07 paisa, closing at 345.847 compared to 346.138 from the previous session.

Against the Japanese Yen, PKR gained 1.3 paisa, closing at 2.09 versus 2.10 a day ago.

The Chinese Yuan lost 2.29 paisa, closing at 42.041 against 42.064 from the previous session.

The Saudi Riyal increased in value by 4.9 paisa from 83.16 a day ago to 83.21.

The U.A.E Dirham closed at 81.48 with a gain of 3.93 paisa from its value of 81.444 a day ago.

During the current financial year, PKR has depreciated against the Dollar by 19.65 rupees or 6.43%. While the current calendar year has seen PKR depreciate by 79.21 rupees or 25.92%.

In the Money Market, the benchmark 6-Month Karachi Interbank Bid and Offer rates inched up by 15 bps to 23.33% and 23.58%.

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