Pakistani Rupee remains under pressure against USD

Pakistani rupee (PKR) continues to remain under pressure against the United States dollar (USD) despite massive inflows after the agreement with the IMF.

After losing value in multiple sessions, the US dollar bounced back on Monday against local currency in both the interbank and open market.

According to data shared by the State Bank of Pakistan, the USD gained Rs1.67 in interbank rate and closed trading at Rs279.26.

The currency saw an intraday high (bid) of 280 and a low (ask) of 279.5. In the open market, the dollar became expensive by 2 rupees and increased from Rs284 to Rs286.

Last week on Friday, the foreign currency saw a surge in the value of USD by Rs1.4, which widened the gap between the currencies.

During the trading week, the PKR appreciated by around 31 paisa or 0.11%, owing to the approval of the  Stand-By-Agreement (SBA) receiving the first installment of $1.2bn. This inflow came on top of a $1bn deposit from the United Arab Emirates (UAE) and a $2bn deposit from Saudi Arabia.

In comparison to major currencies, PKR lost 2.18 rupees against the Euro, closing at 313.91 compared to the previous value of 311.73.

The British Pound became more expensive by 1.48 rupees closing at 365.67 compared to 364.19 a day ago. The Swiss franc saw gains of 1 rupee, closing at 324.87 compared to 323.87 from the previous session.

The Chinese Yuan gained 1.22 paisa, closing at 38.92 against 38.91 from the previous session. Against the Japanese Yen, PKR lost 0.7 paisa, closing at 2.0147 versus 2.0077 a day ago.

The Saudi Riyal increased in value by 45.28 paisa from 75.57 a day ago to 76.03. The U.A.E Dirham closed at 74.43 with a gain of 44.43 paisa from its value of 73.98 a day ago.