PKR stays flat at 294.92 against USD

August 17, 2023 (MLN): The Pakistani rupee (PKR) remained relatively stable against the US dollar in Thursday's interbank session as the currency settled the trade at PKR 294.92 per USD, compared to the previous session's closing of PKR 294.93 per USD.  

The currency saw an intraday high (bid) of 295.25 and a low (ask) of 295.1.

In the open market, Exchange Companies quoted the dollar at 301 for buying and 304 for selling.

This stability comes after a significant backdrop in the domestic currency over the course of seven consecutive trading sessions.

The backdrop can be attributed to the removal of restrictions on letters of credit (LCs), which has led to an increased demand for dollars and subsequently weakened the rupee.

Thousands of companies are finding it difficult to obtain import permits for their manufacturing needs due to dollar shortages, resulting in cargoes remaining stuck in ports.

This situation arises as the government restricts the demand for dollars to prevent the depletion of the nation's FX reserves.

In comparison to major currencies, PKR gained 1.61 rupees against the Euro, closing at 320.75 compared to the previous value of 322.36.

The British Pound became cheaper by 57.97 paisa closing at 375.55 compared to 376.13 from a day ago.

The Swiss franc saw losses of 57.06 paisa, closing at 335.21 compared to 335.78 from the previous session.

Against the Japanese Yen, PKR gained 0.91 paisa, closing at 2.018 versus 2.027 a day ago.

The Chinese Yuan lost 10.15 paisa, closing at 40.35 against 40.46 from the previous session.

The Saudi Riyal decreased in value by 0.3 paisa from 80.295 a day ago to 80.292.

The U.A.E Dirham closed at 78.636 with a loss of 0.82 Paisa from its value of 78.64 a day ago.

During the current financial year, PKR has depreciated against the Dollar by 8.93 rupees or 3.03%. While the current calendar year has seen PKR depreciate by 68.49 rupees or 23.22%.

In the Money Market, the benchmark 6-Month Karachi Interbank Bid and Offer rates inched up by 2 bps to 22.86% and 23.11%.

Furthermore, The State Bank of Pakistan (SBP) conducted a reverse repo and Shariah Compliant Modarabah-based Open Market Operation (OMO) today, in which it cumulatively injected a total of Rs426.8 billion into the market.

Of which Rs323.8bn were injected through reverse repo OMO. 

Meanwhile, the remaining Rs103bn was injected through Shariah-Compliant Modarabah Based OMO. 

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