PKR weakens by 51 paisa against greenback

June 05, 2023 (MLN): The Pakistani rupee (PKR) depreciated by 51 paisa against the US dollar in today's interbank session as the currency settled the trade at PKR 286.19 per USD, compared to the last session's closing of PKR 285.68 per USD.

Throughout today’s session, the local unit traded in a band of 80 paisa, showing an intraday high bid of 286.3 and a low offer of 285.7 per USD while in the open market, the dollar was traded at 304/308 per USD.

Even though the country is going through political and economic melancholy, there is a certain section of experts who remain optimistic toward Pakistan's economy.

In its latest statement during a Talk show, Ashfaq Tola, Minister of State Reforms and Resource Mobilization Commission said that Pakistan is a solvent country with more than $2 trillion in assets and will never default on its debt.

Pakistan only has a debt of around $200 billion, whereas, the country has a tax potential of more than Rs12tr, of which we are currently collecting only Rs9tr.

A day earlier, Finance Minister Mohammad Ishaq Dar also assured the investors' fraternity that the government is determined to present an investment-friendly budget of Fiscal Year 2023-24.

This will help to attract more companies and investments in Pakistan and put the country’s economy on a positive trajectory soon.

Alternatively, the currency gained 2.8 rupees against the Pound Sterling as the day's closing quote stood at PKR 355.1 per GBP, while the previous session closed at PKR 357.87 per GBP.

Similarly, PKR's value strengthened by 1.4 rupees against EUR which closed at PKR 306.11 at the interbank today.

In FYTD, PKR lost 81.34 rupees or 28.42%, while it plummeted by 59.75 rupees or 20.88% against the USD in CYTD. Within the last seven sessions, the local unit moved up down 0.27%, as per data compiled by Mettis Global.

On another note, within the money market, the overnight repo rate towards the close of the session was 20.10/20.30%, whereas the 1-week rate was 20.65/20.75%.

Copyright Mettis Link News