PKR depreciates by 2 rupees against USD

August 22, 2022 (MLN): Riding on a downward trail, the Pakistani rupee (PKR) depreciated by 2 rupees against the US dollar in today's interbank session as the currency settled the trade at PKR 216.66 compared to the previous session's closing of 214.65 per USD.

During the session, the rupee traded in a range of 2.85 paisa per USD showing an intraday high bid of 216.75 and an intraday low offer of 214.90 while in the open market, PKR was traded at 218/220 per USD.

Market experts are of the view that government’s decision to remove the ban from imported items has again increased the demand for dollars in the interbank market. Meanwhile, the ongoing political noise has also added fuel to the fire. 

In FYTD, PKR lost 11.81 rupees or 5.45%, while it plummeted by 40.14 rupees or 18.53% against the USD in CYTD, as per data compiled by Mettis Global.

During the last 52 weeks, PKR lost 24.11% against the greenback while reaching its lowest at 239.94 on July 28, 2022, and the highest of 164.42 on August 23, 2021.

Furthermore, the local unit has weakened by 11.03% and 12.18% against EUR and GBP, respectively, since the high on August 23, 2021.

Alternatively, the currency gained 27 paisa or up by 0.11% against the Pound Sterling as the day's closing quote stood at PKR 255.59 per GBP, while the previous session closed at PKR 255.86 per GBP.

On the other hand, PKR's value weakened by 6 paisa or down by 0.03% against EUR which closed at PKR 216.72 at the interbank today. Similarly, the value of PKR has also tumbled by 0.93%, 0.92%, 0.77%, 0.66%, and 0.49% against AED, SAR, JPY, CHF, and CNY, respectively. 

On another note, within the money market, the overnight repo rate towards the close of the session was 15.50/15.80% whereas the 1-week rate was 15.15/15.25%.

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