PKR weakens 1.67 rupees against greenback

July 17, 2023 (MLN): The Pakistani rupee (PKR) depreciated by 1.67 rupees against the US dollar in Monday's interbank session as the currency settled the trade at PKR 279.26 per USD, compared to the previous session's closing of PKR 277.59 per USD.

The currency saw an intraday high (bid) of 280 and a low (ask) of 279.5.

In the open market, Exchange Companies quoted the dollar at 280 for buying and 283 for selling.

Last week, PKR appreciated by around 31 paisa or 0.11%, owing to the approval of the 9-month Stand-By-Agreement (SBA) for Pakistan and the State Bank of Pakistan (SBP) receiving the first installment of $1.2bn.

This inflow came on top of a $1bn deposit from the United Arab Emirates (UAE) on July 12 and a $2bn deposit from Saudi Arabia on July 11.

Moreover, Fitch Ratings upgraded Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) from 'CCC-' to 'CCC'.

In comparison to major currencies, PKR lost 2.18 rupees against the Euro, closing at 313.91 compared to the previous value of 311.73.

The British Pound became more expensive by 1.48 rupees closing at 365.67 compared to 364.19 from a day ago.

The Swiss franc saw gains of 1 rupees, closing at 324.87 compared to 323.87 from the previous session.

Against the Japanese Yen, PKR lost 0.7 paisa, closing at 2.0147 versus 2.0077 a day ago.

The Chinese Yuan gained 1.22 paisa, closing at 38.92 against 38.91 from the previous session.

The Saudi Riyal increased in value by 45.28 paisa from 75.57 a day ago to 76.03.

The U.A.E Dirham closed at 74.43 with a gain of 44.43 paisa from its values of 73.98 a day ago.

During the current financial year, PKR has appreciated against the Dollar by 6.73 Rupees or 2.41%. While the current calendar year has seen PKR depreciate by 52.83 rupees or 18.92%.

In the Money Market, the benchmark 6-Month Karachi Interbank Bid and Offer rates inched up by 1 bps to 22.65% and 22.9%.

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