PKR closes flat against USD

December 21, 2021 (MLN): Pakistani rupee (PKR) observed a stable ground during the second consecutive session as the currency closed today's trade relatively unchanged at PKR 178.05.

The rupee traded in a range of 25 paisa showing an intraday high bid of 178.25 and an intraday low offer of 178.

The local unit is still enduring the pressure of inflating import bill which has also widened by 8% MoM to stand at $1.9 billion in November 2021 from $1.76bn in October 2021 as imports outstripped strong exports & robust remittances.

On the flip side, Muzzammil Aslam, Spokesperson of the Finance Minister said in his latest Tweet, “There has been propaganda against PKR depreciation against US$. Here is the latest YTD situation of world leading declining currencies in 2021.”

Pakistani currency has declined in line with Thai Bhat, Swedish Krona, Brazil Real, Japanese yen, South Korean Won, & Euro, he added.

Within the Open Market, PKR was traded at 178.15/178.25 per USD.

From July’21 to date, the local unit has lost Rs20.50 against the USD. Similarly, the rupee fell by PKR18.21 in CY21, with the month-to-date (MTD) position showing a decline of 1.31%, as per data compiled by Mettis Global.

Meanwhile, the currency lost 57 paisa to the Pound Sterling as the day's closing quote stood at PKR 235.74 per GBP, while the previous session closed at PKR 235.17 per GBP.

Similarly, PKR's value weakened by 82 paisa against EUR which closed at PKR 201.24 at the interbank today.

On another note, within the money market, the overnight repo rate towards close of the session was 9.10/9.30 percent, whereas the 1 week rate was 9.75/9.85 percent.

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