PKR stays relatively flat against USD

June 20, 2023 (MLN): The Pakistani rupee (PKR) stayed relatively flat against the US dollar in Tuesday's interbank session as the currency settled the trade at PKR 287.21 per USD, compared to the previous session's closing of PKR 287.25 per USD.

The currency saw an intraday high (bid) of 287.37 and a low (ask) of 287.33.

In the open market, exchange companies quoted the dollar at 290 for buying and 292 for selling.

In comparison to major currencies, PKR lost 7.16 paisa against the Euro, closing at 313.98 compared to the previous value of 313.91.

The British Pound became cheaper by 86.94 Paisa closing at 367.20 compared to 368.07 from a day ago.

The Swiss franc saw losses of 85.05 paisa, closing at 320.39 compared to 321.24 from the previous session.

Against the Japanese Yen, PKR lost 0.19 paisa, closing at 2.027 versus 2.025 a day ago.

The Chinese Yuan lost 10.71 paisa, closing at 40.02 against 40.13 from the previous session.

The Saudi Riyal decreased in value by 1.4 Paisa from 78.21 a day ago to 78.19.

The U.A.E Dirham closed at 76.56 with a loss of 2.69 Paisa from its values of 76.58 a day ago.

During the current financial year, PKR has depreciated against the Dollar by 82.37 rupees or 28.68%. While the current calendar year has seen PKR depreciate by 60.78 rupees or 21.16%.

In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates inched up by 3.0 bps to 21.91% and 22.16%.

Furthermore, the State Bank of Pakistan (SBP) conducted an Open Market Operation (OMO) through which it cumulatively injected Rs367 billion.

Of which Rs337bn was injected through reverse repo OMO while the remaining Rs30bn was injected through Shariah Compliant Modarabah Based OMO.

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