PKR depreciates by 29 paisa at interbank trade

May 18, 2021 (MLN): The Pakistani Rupee (PKR) slipped further on Tuesday against US Dollar (USD) despite upbeat April workers’ remittances data that rose to an all-time high of $2.8bn, 56% higher than a year ago.

In today's interbank session, the domestic currency depreciated by 29 paisa against the greenback to close at 152.89, against yesterday's closing of PKR 152.6 per USD.

The rupee traded within a very narrow range of 31 paisa per USD showing an intraday high bid of 152.92 and an intraday Low offer of 152.65.

Within the Open Market, PKR was traded at 152.80/153.80 per USD.

So far, the local unit has logged by PKR 15.16 or 9.92% gain against the greenback in FY21 while appreciation has been PKR 6.94 or 4.54% in CY21. MTD (month to date) position showed an increase of 0.37%, as per data compiled by Mettis Global.

Meanwhile, the currency lost 2.2 rupees to the Pound Sterling as the day's closing quote stood at PKR 217.4 per GBP, while the previous session closed at PKR 215.18 per GBP.

Similarly, PKR's value weakened by 1.5 rupees against EUR which closed at PKR 186.79 at the interbank today.

On another note, within the money market, the overnight repo rate towards the close of the session was 7.50/7.75 percent, whereas the 1-week rate was 7.10/7.20 percent.

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