PKR falls to 3 month low

June 21, 2021 (MLN): Registering a loss of around PKR4.60 in the last five trading weeks, the home unit on Monday has crossed 157-mark against the US Dollar (USD) since March 2021.  

The Pak Rupee continued its downward journey against the US Dollar (USD) as it depreciated by 62 paisa in today's interbank session to close the trade at PKR 157.51 per USD.

During the last 5 weeks, the local currency has lost 2.73% of its value against the dollar when compared to the closing value of PKR 152.28 on May 07, 2021, transforming it from one of the best to one of the worst-performing Asian currencies.

Market Analysts and Experts believe that foreign debt payments and imports pickup weighed on the rupee amid the better economic activities and upward movement in international commodities.

Today, in an interbank market, the rupee traded within a very narrow range of 57 paisa per USD, showing an intraday high bid of 157.52 and an intraday Low offer of 157.05.

Within the Open Market, PKR was traded at 156.70/157.70 per USD.

According to the data gathered by Mettis Global, in FY21, the home unit has so far appreciated by PKR 10.54 or 6.69% against the greenback while it gained by around PKR 2.32 or 1.48% in CY21 with MTD (month to date) position showing a decrease of 1.98%.

Meanwhile, the currency lost 21 paisa to the Pound Sterling as the day's closing quote stood at PKR 218 per GBP, while the previous session closed at PKR 217.79 per GBP.

Similarly, PKR's value weakened by 33 paisa against EUR which closed at PKR 187.33 at the interbank today.

On another note, within the money market, the overnight repo rate towards the close of the session was 7.50/7.60 percent, whereas the 1-week rate was 7.05/7.15 percent.

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