PKR Closing: Nothing new

November 10, 2021 (MLN): The falling Pakistani rupee (PKR)'s value against the US dollar seems to be an everyday event. Sticking to the downward trail, it has further lost 1.3 rupees against the US dollar in today's interbank session as the currency closed the trade at PKR 172.93 per USD. 

Yesterday, the domestic unit had settled the trade at PKR171.63 per USD, weakening by 1.13 rupees.

The rupee endured a highly volatile trading session with quotes being recorded in a range of 1.45 rupees per USD showing an intraday high bid of 173.10 and an intraday Low offer of 171.65.

During the intraday trade, the rupee has managed to recover some of its losses after falling to 172.86. However, it could not hold gaining momentum for too long and closed near to the mark of 173.

Within the Open Market, PKR was traded at 173/175.50 per USD.

According to the data gathered by Mettis Global, the domestic unit has depreciated by 8.90% or PKR 15.38 in the fiscal year-to-date against the USD. Similarly, the rupee has weakened by 7.57% or PKR 13.09 in CY21, with the month-to-date (MTD) position showing a decline of 0.74%.

Meanwhile, the currency lost 1.3 rupees to the Pound Sterling as the day's closing quote stood at PKR 234.15 per GBP, while the previous session closed at PKR 232.8 per GBP.

Similarly, PKR's value weakened by 1.2 rupees against EUR which closed at PKR 200.06 at the interbank today.

On another note, within the money market, the overnight repo rate towards the close of the session was 7.75/8.00 percent, whereas the 1-week rate was 7.40/7.50 percent.

Copyright Mettis Link News