PKR loses grip on USD by over 2 rupees in intraday

MG News | July 05, 2023 at 12:39 PM GMT+05:00

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July 05, 2023 (MLN): Breaking the gaining momentum, the Pakistani rupee registered a loss of over two rupees against the greenback as the trades were reported at PKR 277.50 per USD during intraday trading today.

The dollar was being quoted at 277.41/ 277.91 (12:39 PST) when compared to the previous day’s close of 275.43 per USD.

On the other hand, the local unit continued its upward journey in the open market as the Exchange Companies quoted the dollar at 274 for buying and 278 for selling as of (12:51 PST).

The optimism in the open market stemmed from Pakistan narrowly escaping default, as the IMF announces a Standby Agreement with Pakistan worth $3 billion.

Since Monday, the local has appreciated by around 12 rupees per USD.

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