The Pakistani rupee ended July with losses against the US Dollar during intraday trade today after opening trade at 285.3 in the interbank market.
At 12 PM, it was bullish, rising as high as 285 after gaining ~Rs. 1.7 against the greenback.
Later, it charged down to the 286 level between 12:30 PM and 1:15 PM and stayed at that level.
Open market rates (documented) across multiple currency counters stayed in the 291-294 range.
At close, the PKR depreciated by 0.07 percent to close at 286.64 after losing 19 paisas against the dollar today.
The informal exchange rate initially docked at 296-299.
Today’s cash rate per dollar in Hundi clocked in at the 297-303 band while many channels (undocumented) reported rates as high as 305.
Today’s losses come after the State Bank of Pakistan (SBP) last week allowed exchange companies to import cash US Dollars on a need basis, against the value of their export consignments of permissible foreign currencies within five working days, through reputed cargo/security companies.
This comes a few days after the federal government silently floated Ishaq Dar’s name for caretaker Prime Minister which was met with a lot of backlash from public and politicians alike.
Meanwhile, foreign exchange reserves held by SBP fell by $541 million last week, clocking in at nearly $8.19 billion as of July 21.
Overall, the rupee is down nearly Rs. 62 since January 2023. Since April 2022, it is down over Rs. 110 against the greenback. As per the exchange rate movements witnessed today, the PKR has lost 19 paisas against the dollar today.
The PKR was bullish against some of the other major currencies in the interbank market today. It gained 85 paisas against the Canadian Dollar (CAD), Rs. 2.55 against the Euro (EUR), Rs. 3.35 against the Australian Dollar (AUD), and Rs. 3.38 against the British Pound (GBP).
Conversely, it lost four paisas against the Saudi Riyal (SAR) and five paisas against the UAE Dirham (AED) in today’s interbank currency market.
Source: Pro Pakistani
