PKR trades 71.86 paisa higher against USD

June 27, 2023 (MLN): The Pakistani rupee (PKR) appreciated by 71.86 paisa against the US dollar in Tuesday's interbank session as the currency settled the trade at PKR 285.99 per USD, compared to the previous session's closing of PKR 286.70 per USD.

The currency saw an intraday high (bid) of 286 and a low (ask) of 285.5.

During the current financial year, PKR has depreciated against the Dollar by 81.14 rupees or 28.37%. While the current calendar year has seen PKR depreciate by 59.56 Rupees or 20.83%.

In the open market, Exchange Companies quoted the dollar at 288 for buying and 292 for selling.

Lately, the disparity between open market and interbank rates has significantly reduced which in turn has cooled down hundi and hawala rates, Malik Bostan, President of the Forex Association of Pakistan said on Wednesday.

Moreover, once the deal with IMF is closed PKR will appreciate to Rs270 per US dollar.

He highlighted that over the past three days, export proceeds have increased along with remittances, increasing the inflow of FX reserves.

Thereby, the importers are not opening Letter of Credit (LCs) as they expect the greenback to decline further against PKR.

In comparison to major currencies, PKR lost 70.46 paisa against the Euro, closing at 312.93 compared to the previous value of 312.22.

The British Pound became cheaper by 1.04 rupees closing at 364.13 compared to 365.18 from a day ago.

The Swiss franc saw losses of 44.55 paisa, closing at 319.75 compared to 320.20 from the previous session.

Against the Japanese Yen, PKR gained 1.1 paisa, closing at 1.99 versus 2.00 a day ago.

The Chinese Yuan gained 2.08 paisa, closing at 39.66 against 39.64 from the previous session.

The Saudi Riyal decreased in value by 19.46 paisa from 78.05 a day ago to 77.86.

The U.A.E Dirham closed at 76.254 with a loss of 19.16 paisa from its values of 76.44 a day ago.

In the Money Market, the benchmark 6-Month Karachi Interbank Bid and Offer rates inched up by 88 bps to 22.72% and 22.97%.

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