PKR's slide against USD extends to 13 straight sessions

November 08, 2023 (MLN): The Pakistani rupee (PKR) depreciated by 50.48 paisa against the US dollar in Wednesday's interbank session as the currency settled the trade at PKR 286.9, compared to the previous day's closing of PKR 286.39.

The local unit saw an intraday high (bid) of 287.35 and a low (ask) of 286.5.

In the open market, the local unit lost 1 rupee as exchange companies quoted the dollar at 286.3 for buying and 286.5 for selling, compared to the previous closing of 285.3 for buying and 285.5 for selling.

To note, over the past thirteen sessions, the local currency has consistently declined in value against the U.S. Dollar.

This decline in the value of the local unit is attributed to the increased demand for foreign currency in the domestic economy.

It is important to mention that Pakistan's trade deficit for the month of October widened by over 38% MoM to $2.099 billion compared to a deficit of $1.518bn from the previous month.

In a recent development, the review mission of the International Monetary Fund (IMF) last week appreciated Pakistan's government to meet the targets set by the fund for the first quarter of the fiscal year 2023-24. 

In comparison to major currencies, PKR gained 20.62 paisa against the Euro, closing at 306 compared to the previous value of 306.21.

The British Pound became cheaper by 1.06 rupees, closing at 351.48 compared to 352.54 from a day ago.

The Swiss franc saw losses of 25.19 paisa, closing at 318.03 compared to 318.28 from the previous session.

Against the Japanese Yen, PKR gained 0.17 paisa, closing at 1.903 versus 1.905 a day ago.

The Chinese Yuan gained 9.45 paisa, closing at 39.4125 against 39.318 from the previous session.

The Saudi Riyal closed at 76.48 with a gain of 13.66 paisa from its value of 76.34 a day ago.

The U.A.E Dirham increased in value by 13.75 paisa from 77.975 a day ago to 78.112.

During the current financial year, PKR has depreciated against the Dollar by 0.91 rupees or 0.32%. While the current calendar year has seen PKR depreciate by 60.47 rupees or 21.08%.

In the Money Market, the benchmark 6-month Karachi Interbank Bid and Offer rates were unchanged at 21.46% and 21.71%.

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