PKR weakens by 42 paisa against greenback

August 31, 2021 (MLN): Pakistani rupee (PKR) continued its downward journey as the currency closed Tuesday’s trade at PKR 166.39 per USD, depreciating by 42 paisa, against yesterday's closing of PKR 165.96 per USD.

The rupee saw a volatility-free session as the very little movement was recorded trading in a range of 50 paisa per USD showing an intraday high bid of 166.40 and an intraday Low offer of 166.10.

On average, the oil prices have been reduced by more than five dollars since last month but during this period PKR lost 2.5% of its value, Asad Rizvi, the former Treasury Head at Chase Manhattan.

On the other side, despite the depreciation of PKR, a downward adjustment of petroleum prices is unavoidable unless “Force Majeure,” he added.

Within the Open Market, PKR was traded at 165.80/167.35 per USD.

Meanwhile, the currency lost 81 paisa to the Pound Sterling as the day's closing quote stood at PKR 229.15 per GBP, while the previous session closed at PKR 228.33 per GBP.

Similarly, PKR's value weakened by 95 paisa against EUR which closed at PKR 196.76 at the interbank today.

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

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