• The PKR increased today in the interbank market by Rs.2.11, or 0.94 percent, to settle at Rs. 224.04.
• The local currency reached an intraday high of Rs. 221.25 versus the US dollar on Friday.
• Oil prices fell on Friday and are now close to their lowest levels since February 2022.

Today’s intraday trading saw significant gains for the Pakistani Rupee (PKR) against the US Dollar (USD), continuing its upward trend.

It increased today in the interbank market by Rs. 2.11, or 0.94 percent, to settle at Rs. 224.04.

During today’s open market session, the local currency reached an intraday high of Rs. 221.25 versus the US dollar.

As the nation carefully recovers from the currency crisis amid renewed hope for the International Monetary Fund’s (IMF) bailout program, the rupee finished in the green for the sixth straight day on Friday.

The lender’s remarks, weak importer demand for the dollar, and exporters selling the USD all contributed to the support of the PKR.

In addition, the Pakistan Bureau of Statistics reports that overall imports decreased to $4.9 billion in July 2022 from $7.9 billion the previous month.

Due to restrictions on some imports and a decline in petroleum imports, imports were down.

On August 3, the local currency saw its largest absolute gain versus the US dollar (PKR 9.59; 4.19 percent).

Overall, the PKR has decreased by 21.21 percent year-to-date (CYTD). Since CY21’s peak on May 14, it has been down 32.03 percent.

The rupee had a precipitous decline in July, hitting a record low of 239,94 on July 28. But since July 29, it has changed course, and its value has increased dramatically.

Oil prices fell on Friday and are now close to their lowest levels since February 2022 as the market jitters over a potential recession and a dip in gasoline demand persisted.

While US West Texas Intermediate (WTI) plummeted and went down by 0.46 percent to settle at $88.13 per barrel, Brent oil was down by 0.25 percent at $93.88 per barrel.

Today’s interbank market saw significant increases in the PKR relative to the other major currencies. It increased in value versus the Saudi Riyal (SAR), the UAE Dirham (AED), the Australian Dollar (AUD), the Canadian Dollar (CAD), and the Pound Sterling by 56 paisas, 57 paisas, Rs. 1.54, Rs. 1.92, and Rs. 2.47, respectively (GBP).

Moreover, in today’s interbank foreign exchange market, it increased by Rs. 1.04 in relation to the Euro (EUR).

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