PKR gains 5 rupees in the open market

July 03, 2023 (MLN): The Pakistani rupee (PKR) appreciated by 5 rupees against the US dollar in the open market on Monday as the currency was quoted at PKR 275 (bid) and PKR 285 (ask) per USD.

This appreciation was attributed to the long-standing Staff Level Agreement (SLA) worth $3 billion finally being signed on Friday between the International Monetary Fund (IMF) and Pakistan, and the benchmark KSE-100 index gaining a record-breaking 2,446 points.

The interbank rate was not available due to Monday being a bank holiday.

According to market sources, this appreciation was due to market participants expressing optimism about the positive outcomes of the finalization of the IMF deal.

Federal Minister for Finance Muhammad Ishaq Dar tweeted that the Pakistani rupee (PKR) against the US dollar in the open Market was at 270/272.

AlhamdoLilah—Mubrook

1. CPI Inflation clocks in@29%:
As per the data released by PBS, CPI inflation for Jun’23 clocked-in at 29.4% compared to 38% YoY for May’23.

2. PSX added 2,334 points in KSE100 index by 1pm.

3. Pak Rupee vs Dollar in open Market @270/272.

— Ishaq Dar (@MIshaqDar50) July 3, 2023

However, the dollar was quoted at the rates mentioned above (275/285), not at the rates that Ishaq Dar claimed.

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