Interbank closing: rupee continues to lose against US dollar, closes at Rs279.43

WEB DESK: In the interbank session on Tuesday, the Pakistani rupee (PKR) experienced a depreciation of 31 paisa against the US dollar (USD), settling at PKR 279.43.

This marked a decline from the previous day’s closing rate of Rs279.12 per USD. Throughout the trading day, the local currency reached an intraday high (bid) of Rs279.35 and a low (ask) of Rs279.15.

Interbank closing #ExchangeRate for todayhttps://t.co/Pdm3U8Qxyb#SBPExchangeRate pic.twitter.com/rXK7ITKqh4

— SBP (@StateBank_Pak) October 24, 2023

This decrease represents the second consecutive session in which the PKR has weakened against the US dollar. Last week, after 28 days of continuous gains against the greenback, the local currency faced a setback, losing 1.18 rupees against the dollar.

This decline was influenced by reports indicating low liquidity of US dollars in banks, leading to forward rate quotations.

The recent strengthening of the PKR was primarily due to strict measures implemented by the government, supported by the military, to curb illegal dollar outflows.

Additionally, reforms introduced by the State Bank of Pakistan (SBP), consolidating various exchange companies into a single category with a defined mandate and higher capital requirements, have enhanced transparency in the currency market.

Comparatively, the PKR also experienced fluctuations against other major currencies. It lost 1.38 rupees against the euro, closing at Rs297.44, compared to the previous value of Rs296.06.

Interbank Closing
PKR Continues to Lose Against USD!
The Pakistani Rupee lost PKR 0.3092 (0.11%) against the US Dollar on DoD basis ending the session at PKR 279.4299/US$.

Get all latest updates on our WhatsApp channel https://t.co/M3221iLG3g #economy #forex #ExchangeRate… pic.twitter.com/48brxja8DZ

— Capital Stake (@CapitalStake) October 24, 2023

The British Pound became more expensive by Rs2.71, closing at Rs342.53 compared to Rs339.82 the previous day.

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The Swiss franc gained 64.47 paisa, closing at Rs313.26, whereas the PKR lost 0.66 paisa against the Japanese yen, closing at 1.869.

Furthermore, the Chinese Yuan strengthened by 8.36 paisa, closing at Rs38.2302, and the Saudi Riyal closed at Rs74.49, gaining 7.94 paisa from its previous value of Rs74.41. The UAE. dirham also appreciated, increasing by 8.21 paisa from Rs75.993 to Rs76.075.

In the context of the financial market, the benchmark 6-month Karachi Interbank bid and offer rates saw a slight decrease of 5 basis points, settling at 21.77 per cent and 22.02 per cent, respectively. Notably, during the current financial year, the PKR has appreciated against the dollar by 6.56 rupees, or 2.35 per cent, while the calendar year has witnessed a depreciation of 53 rupees, or 18.97 per cent.