PKR trades 1.35 rupees lower against USD

August 21, 2023 (MLN): The Pakistani rupee (PKR) depreciated by 1.35 rupees against the US dollar in Monday's interbank session as the currency settled the trade at PKR 297.13 per USD, compared to the previous session's closing of PKR 295.78 per USD.

The currency saw an intraday high (bid) of 297.15 and a low (ask) of 297.1.

In the open market, Exchange Companies quoted the dollar at 303 for buying and 306 for selling.

Local unit continues to face immense pressure amid political uncertainty surrounding the general elections, which is causing turbulence in local markets.

Additionally, the removal of restrictions on letters of credit (LCs) has led to an increased demand for dollars.

Importers in Pakistan 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 lost 1.86 rupees against the Euro, closing at 323.46 compared to the previous value of 321.60.

The British Pound became more expensive by 2.11 rupees closing at 378.16 compared to 376.05 a day ago.

The Swiss franc saw gains of 1.75 rupees, closing at 337.88 compared to 336.13 from the previous session.

Against the Japanese Yen, PKR lost 0.73 paisa, closing at 2.043 versus 2.036 a day ago.

The Chinese Yuan gained 6.33 paisa, closing at 40.66 against 40.59 from the previous session.

The Saudi Riyal increased in value by 37.31 paisa from 80.53 a day ago to 80.90.

The U.A.E Dirham closed at 79.223 with a gain of 35.47 paisa from its value of 78.87 a day ago.

During the current financial year, PKR has depreciated against the Dollar by 11.14 rupees or 3.75%. While the current calendar year has seen PKR depreciate by 70.7 rupees or 23.79%.

In the Money Market, the benchmark 6-Month Karachi Interbank Bid and Offer rates inched up by 4 bps to 22.93% and 23.18%.

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