Pakistan Rupee Weakens Against Dollar as Peso Strengthens
The State Bank of Pakistan (SBP) released its Mark-to-Market Currency Rates for Monday, showing that the Pakistani rupee has opened slightly weaker against the US Dollar.
On interbank/ready market, the dollar was quoted at 277.7732 compared to 277.8036 on July 31st.
The Saudi Riyal strengthened from Rs73.9843 to 73.9683, and UAE Dirham appreciated from 75.6422 to 75.6339 PKR.
The British Pound (GBP) rose from 373.4513 to 373.6883, a nearly 24 paisa jump, extending its gains from the lows touched at the end of July.
The forward curve continues to reflect a gradual depreciation story for the rupee against major currencies, although nothing spectacular is happening in the market. The 1-month dollar forward quoted at 279.2951 implies that 52 paisas of weakness are being priced into the market over the next thirty days.