September 05, 2022 (MLN): Extending its downward journey, the Pakistani rupee (PKR) has depreciated by 88 paisa against the greenback in today's interbank session as the currency settled the trade at PKR 219.86 per USD, compared to the previous closing of PKR 218.98 per USD.
During the session, the rupee traded in a range of 1.25 rupees per USD showing an intraday high bid of 219.75 and an intraday low offer of 219 while in the open market, PKR was traded at 221/223 per USD.
The local unit is enduring pressure on the back of rising dollar demand. Meanwhile, the gloomy macros as a result of historic floods have also dampened sentiments in the interbank market.
Particularly, the inflation will keep on hitting the economy in months to come to supply chain disruption and as a result, the government had to import onions and tomatoes from other countries which would also increase the import bill.
Meanwhile, Finance Minister Miftah Ismail, on Monday, told CNBC that aid from other countries is not sufficient to encounter the devastating impact created by monsoon floods.
Alternatively, the currency gained 1 rupee or 0.40% against the Pound Sterling as the day's closing quote stood at PKR 252.24 per GBP, while the previous session closed at PKR 253.24 per GBP.
PKR's value strengthened by 95 paisa or 0.44% against EUR which closed at PKR 217.86. Similarly, the local unit has appreciated by 0.18% and 0.03% against CNY and CHF in the interbank today.
On the other hand, the domestic unit has depreciated by 0.40% against SAR and AED, while it weakened by 0.17% by JPY.
In FYTD, PKR lost 15 rupees or 6.83%, while it plummeted by 43.49 rupees or 19.72% against the USD in CYTD, as per data compiled by Mettis Global.
During the last 52 weeks, PKR lost 23.94% against the greenback while reaching its lowest at 239.94 on July 28, 2022, and the highest at 166.9 on September 06, 2021.
Furthermore, the local unit has weakened by 11.06% against EUR when it was highest on March 07, 22, while the rupee fell by 9.05% against GBP since its high on September 30, 2021.
On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation (OMO) in which it mopped up Rs175bn from the market for three days at 14.95%.
The overnight repo rate towards the close of the session was 14.25%/14.50%, whereas the 1-week rate was 14.95%/15.05%.
Copyright Mettis Link News
Posted on:2022-09-05T17:24:17+05:00
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