PKR weakens by 69.5 paisa against greenback

June 12, 2023 (MLN): The Pakistani rupee (PKR) depreciated by 69.5 paisa against the US dollar in Monday's interbank session as the currency settled the trade at PKR 287.627 per USD, compared to the previous session's closing of PKR 286.932 per USD.

The Currency was quoted in a range of 10 paisa, touching an intraday high (bid) of 287.91 and a low (ask) of 287.81.

In the open market, exchange companies quoted the dollar at 303.0 for buying and 306.0 for selling.

In comparison to major currencies, PKR lost 1.05 Rupees against the Euro, closing at 309.9324 compared to the previous value of 308.8823.

The British Pound became more expensive by 2.08 Rupees closing at 362.0648 compared to 359.9849 a day ago.

The Swiss franc saw gains of 22.29 Paisa, closing at 318.8239 compared to 318.601 a the previous session.

Against the Japanese Yen, PKR lost 0.71 Paisa, closing at 2.0618 versus 2.0547 a day ago.

The Chinese Yuan gained 1.36 Paisa, closing at 40.2873 against 40.2737 from the previous session.

The Saudi Riyal increased in value by 18.92 Paisa from 78.1203 a day ago to 78.3095.

The U.A.E Dirham closed at 76.6923 with a gain of 18.73 Paisa from its values of 76.505 a day ago.

During the current financial year, PKR has depreciated against the Dollar by 82.78 Rupees or 28.78%. While the current calendar year has seen PKR depreciate by 61.2 Rupees or 21.28%.

On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation (OMO) today, in which it injected Rs308.7 billion into the market at the rate of 21.12%.

The benchmark 6 Month Karachi Interbank Bid and Offer rates inched up by 1.0 bps to 21.88% and 22.13%.

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