November 02, 2022 (MLN): Enduring a seesaw journey, the Pakistani rupee (PKR) has depreciated by 79 paisa against the US dollar in today's interbank session as the currency settled the trade at PKR 221.43 per USD, compared to the close of PKR 220.65 per USD.
The rupee endured a volatile trading session with quotes being recorded in a range of 1.35 rupees per USD showing an intraday high bid of 222.05 and an intraday low offer of 221.20.
Within the open market, PKR was traded at 224/226 per USD.
After gaining its ground back by 1.84 rupees, the local unit has once again taken a U-turn in today’s session on the back of uncertainty in the market.
Speaking to Mettis Global, Mohammed Sohail, CEO of Topline Securities said that the value of the rupee against the US dollar is now dependent on the Chinese response to development on the front of debt rollover.
In FYTD, PKR lost 16.58 rupees or 7.49%, while it plummeted by 44.92 rupees or 20.29% against the USD in CYTD, as per data compiled by Mettis Global.
Alternatively, the currency gained 18 paisa against the Pound Sterling as the day's closing quote stood at PKR 254.54 per GBP, while the previous session closed at PKR 254.72 per GBP.
Similarly, PKR's value strengthened by 68 paisa against EUR which closed at PKR 218.78 at the interbank today.
On another note, within the money market, the overnight repo rate towards the close of the session was 15.00/15.25 percent, whereas the 1-week rate was 15.25/15.35 percent.
