PKR slides by 16 paisa against US dollar

August 11, 2021 (MLN): The sea-saw journey of Pakistani Rupee (PKR) continued in the interbank market today and rupee fell by 16 paisa against greenback to close the trade at PKR 163.92 per USD despite the persisting trend of remittances remained above $2billion for the 14th consecutive month.

On Tuesday, the local unit had closed at PKR 163.76 per USD.

“As per expectations, Remittances for the month of July surged to $2.7bn that will help to attain more than $30bn in FY22. While, some stability was seen in the interbank market yesterday. However, dollar buying in the late hours of the session had increased its demand.”, Asad Rizvi, the former treasury head at Chase Manhattan Bank said.

in today's interbank session as the currency closed the day's trade at PKR 163.92 per USD, against yesterday's closing of PKR 163.76 per USD.

The rupee traded within a very narrow range of 33 paisa per USD showing an intraday high bid of 164.18 and an intraday Low offer of 163.93.

Within the Open Market, PKR was traded at 163.80/164.30 per USD.

The local unit has depreciated by 3.89% and 2.49% in FY22 and CY21, respectively with the month-to-date (MTD) position showing a drop of 0.91%, as per data compiled by Mettis Global.

Alternatively, the currency gained 62 paisa against the Pound Sterling as the day's closing quote stood at PKR 226.38 per GBP, while the previous session closed at PKR 226.99 per GBP.

Similarly, PKR's value strengthened by 14 paisa against EUR which closed at PKR 192.01 at the interbank today.

On another note, within the money market, the overnight repo rate towards close of the session was 7.20/7.40 percent, whereas the 1 week rate was 7.10/7.15 percent.

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