PKR Gives Ground Against USD as Currency Rates Remain Stable in Pakistan

The State Bank of Pakistan (SBP) released its mark-to-market currency rates for July 27, and the Pakistani Rupee (PKR) gave up ground against the US Dollar (USD), reversing a rare gain from four days earlier. The USD settled at 277.8618 in the ready market, up from 277.9021 on July 23, resulting in a loss of roughly four paisas for the rupee.

The Saudi Riyal firmed to 74.0215 from 74.0361, while the UAE Dirham strengthened to 75.6498 from 75.6690. The Canadian Dollar eased to 197.1560 from 197.4578, giving back about 30 paisas.

The British Pound dropped further to 370.5149 from 371.5134, extending the rupee's recent strength on that cross. However, despite a slight flattening of the forward curve, it continues to discount a steady depreciation for the rupee.