PKR weakens by around 60 paisa against greenback

July 25, 2023 (MLN): The Pakistani rupee (PKR) maintained its bearish trend, depreciating by around 60 paisa against the US dollar in Tuesday's interbank session as the currency settled the trade at PKR 288.52 per USD, compared to the previous session's closing of PKR 287.92 per USD.

The currency saw an intraday high (bid) of 288.5 and a low (ask) of 288.25.

In the open market, Exchange Companies quoted the dollar at 292 for buying and 295 for selling.

It is worth noting that the fall in the domestic currency today against the greenback marks the eighth consecutive trading session of losses.

Despite Pakistan receiving a significant boost in its foreign exchange reserves during the previous week, experts believe that the currency may still face pressure due to the removal of import restrictions and a backlog of inbound shipments that are expected to enter the country.

In comparison to major currencies, PKR gained 3.01 paisa against the Euro, closing at 318.99 compared to the previous value of 319.02.

The British Pound became more expensive by 68.17 paisa closing at 370.705 compared to 370.024 from a day ago.

The Swiss franc saw gains of 1.97 paisa, closing at 331.78 compared to 331.76 from the previous session.

Against the Japanese Yen, PKR lost 0.47 paisa, closing at 2.04 versus 2.035 a day ago.

The Chinese Yuan gained 45.64 paisa, closing at 40.426 against 39.97 from the previous session.

The Saudi Riyal increased in value by 16.7 paisa from 78.38 a day ago to 78.55.

The U.A.E Dirham closed at 76.92 with a gain of 15.83 paisa from its values of 76.76 a day ago.

During the current financial year, PKR has depreciated against the Dollar by 2.53 rupees or 0.88%. While the current calendar year has seen PKR depreciate by 62.09 rupees or 21.52%.

In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates inched up by 1 bps to 22.9% and 23.15%.

Performance Summary

52 Week Performance

Copyright Mettis Link News