PKR weakens by 10 paisa against greenback

July 27, 2021 (MLN): After observing one day domination in the interbank market, Pakistani rupee (PKR) joined back its course and depreciated by 10 paisa against US Dollar (USD) today as the currency closed the day's trade at PKR 161.33 per USD.

Yesterday, the local unit had closed at 161.23 against US dollar.

The Rupee saw moderate volatility in today’s session and traded in a range of 1.15 rupees per USD showing an intraday high bid of 161.45 and an intraday Low offer of 160.40.

Within the Open Market, PKR was traded at 161.10/161.80 per USD.

The local unit has depreciated by 2.35% or PKR 3.78 in the fiscal year-to-date against USD. Similarly, the rupee has weakened by 0.93% or PKR 1.5in CY21 with the month-to-date (MTD) position showing a decline of 2.35%, as per data compiled by Mettis Global.

Meanwhile, the currency lost 36 paisa to the Pound Sterling as the day's closing quote stood at PKR 222.3 per GBP, while the previous session closed at PKR 221.94 per GBP.

Similarly, PKR's value weakened by 7 paisa against EUR which closed at PKR 189.95 at the interbank today.

On another note, within the money market, the overnight repo rate towards close of the session was 7.25/7.50 percent, whereas the 1 week rate was 7.10/7.20 percent.

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