PKR weakens by 3 rupees against greenback

August 15, 2023 (MLN): The Pakistani rupee (PKR) depreciated by 3.01 rupees against the US dollar in Tuesday's interbank session as the currency settled the trade at PKR 291.51 per USD, compared to the previous session's closing of PKR 288.49 per USD.

The currency saw an intraday high (bid) of 292.5 and a low (ask) of 292.

In the open market, Exchange Companies quoted the dollar at 298 for buying and 301 for selling.

The decline 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.

Moreover, Pakistan’s dependence on imported oil makes it vulnerable to the constant rise of international oil prices in the past few weeks, which also affects PKR.

Brent Crude prices have risen by 19.26% since June 2023, reaching $86.02.

In comparison to major currencies, PKR lost 1.13 rupees against the Euro, closing at 318.38 compared to the previous value of 317.26.

The British Pound became more expensive by 3.13 rupees closing at 369.81 compared to 366.68 from a day ago.

The Swiss franc saw gains of 3.02 rupees, closing at 332.24 compared to 329.22 from the previous session.

Against the Japanese Yen, PKR lost 0.45 paisa, closing at 1.999 versus 1.995 a day ago.

The Chinese Yuan gained 14.78 paisa, closing at 40.02 against 39.87 from the previous session.

The Saudi Riyal increased in value by 81.52 paisa from 78.55 a day ago to 79.36.

The U.A.E Dirham closed at 77.715 with a gain of 82.3 paisa from its value of 76.89 a day ago.

During the current financial year, PKR has depreciated against the Dollar by 5.52 rupees or 1.89%. While the current calendar year has seen PKR depreciate by 65.08 rupees or 22.32%.

In the Money Market, the benchmark 6-Month Karachi Interbank Bid and Offer rates inched up by 2 bps to 22.8% and 23.05%.

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