The Loss of PKR Against USD Has Continued for 13 Sessions.
Against the US dollar, the Pakistani rupee (PKR) lost 50.48 paisa during Wednesday's interbank trading session. It closed at PKR 286.9, down from PKR 286.39 the day before.
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The intraday high (bid) and low (ask) for the local unit were 287.35 and 286.5, respectively.
Exchange businesses priced the dollar at 286.3 for purchasing and 286.5 for selling in the open market, down 1 rupee from the previous closing of 285.3 for buying and 285.5 for selling.
It should be noted that the value of the local currency has steadily decreased in relation to the US dollar during the last thirteen sessions.
The rising demand for foreign money in the domestic economy is the reason for this drop in the value of the local unit.
It is noteworthy to note that, in contrast to the previous month's deficit of $1.518 billion, Pakistan's trade deficit for the month of October increased by more than 38% MoM to $2.099 billion.In a recent event, Pakistan's government was commended by the International Monetary Fund (IMF) assessment mission last week for meeting the goals the fund had set for the first quarter of the fiscal year 2023–24.
The PKR appreciated 20.62 paisa in relation to the Euro, finishing at 306 from its previous value of 306.21, as compared to major currencies.
The British Pound closed at 351.48, down 1.06 rupees from the previous day's close of 352.54.
The Swiss franc closed at 318.03 after losing 25.19 paisas in the previous session, when it was trading at 318.28.
PKR increased by 0.17 paisa against the Japanese Yen, closing at 1.903 compared 1.905 the previous day.
The Chinese Yuan closed at 39.4125, up 9.45 paisa from the previous session's close of 39.318.
The value of the Saudi Riyal increased by 13.66 paisa from its closing value of 76.34 the previous day to 76.48.
The value of the U.A.E. Dirham rose from 77.975 to 78.112 a day ago, a gain of 13.75 paisa.
The value of the rupee has decreased by 0.91 rupees, or 0.32%, compared to the US dollar during the current fiscal year. However, the value of the Pakistani rupee has decreased by 60.47 rupees, or 21.08%, this year.
The benchmark 6-month Karachi Interbank Bid and Offer rates remained constant at 21.46% and 21.71% in the money market.
