Mettis Global News
Mettis Global News
Mettis Global News
Mettis Global News

Trending :

PKR closes all time new low at 178.98/USD

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

March 14, 2022 (MLN): After taking a breather for a day, the Pakistani rupee (PKR) joined back its downward course, depreciating by 47 paisa against the US dollar in today's interbank session as the currency closed the trade at PKR 178.98- an all-time low.

On Friday, the local unit had closed at PKR 178.51 per USD, observing a meagre gain of 12 paisa.

The rupee traded in a range of 45 paisa per USD, showing an intraday high bid of 178.95 and an intraday low offer of 178.60. However, in the midday trade, it dropped to PKR179.10 per USD, sliding by 59 paisa.

The political instability on the domestic front along with higher commodity prices in the global market- a looming threat to the mounting import bill, has badly hit the stability of PKR in the interbank.  

The interbank market is being well managed since the last few weeks but the elevated dollar demand on the back of higher imports certainly exceeds the receivables, which is why foreign exchange reserves have dipped, Asad Rizvi, the former Treasury Head at Chase Manhattan said.

From July’21 to date, the local unit has lost Rs21.44 against the USD. Similarly, the rupee fell by PKR2.4 in CY22, with the month-to-date (MTD) position showing a decline of 0.85%, as per data compiled by Mettis Global.

In addition, the performance of PKR remained bleak against major currencies during the fiscal year to date as it depreciated by 13.34%, 11.98%, 11.95%, 10.82%, 6.67%, 6.12% against CNY, AED, SAR, CHF, GBP and JPY, respectively.

During the last 52 weeks, PKR lost 14.92% against the greenback, reached its lowest at 178.98 today and touched its high of 152.27 on May 7, 2021.

Furthermore, the local unit has weakened by 8.58% since its high on March 31, 2021, against EUR.  While, it has dropped by 10.24% against GBP since its high on April 09, 2021.

Within the Open Market, PKR was traded at 179/180 per USD.

Alternatively, the currency gained 8 paisa against the Pound Sterling as the day's closing quote stood at PKR 233.56 per GBP, while the previous session closed at PKR 233.63 per GBP.

Similarly, PKR's value strengthened by 4 paisa against EUR which closed at PKR 196.25 at the interbank today.

On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation (OMO) in which it injected Rs115.45 billion into the market for 4 days at 9.78 percent.

The overnight repo rate towards close of the session was 10.10/10.20 percent, whereas the 1-week rate was 10.01/10.11 percent.

Copyright Mettis Link News

 

Posted on: 2022-03-14T16:51:10+05:00

31431