PKR continues to slide against USD

April 26, 2021 (MLN): Pakistani Rupee (PKR) continued its losing streak against the US dollar (USD), depreciating by another 26 paisa in interbank on Monday. The local unit closed the trade at PKR 154.13 per USD, against last session's closing of PKR 153.87 per USD.

This has been the highest USD rate since March 26, 2021 when it was 154.59.

The rupee traded within a very narrow range of 40 paisa per USD, showing an intraday high bid of 154.15 and an intraday Low offer of 153.85.

Within the Open Market, PKR was traded at 154.00/154.80 per USD.

While stating the interbank market opening quote, Asad Rizvi, Former Treasury Head-Chase Manhattan Bank tweeted, ‘Rupee is likely to stay in 153.25-154.40 band. Further weakness is only possible on the break of 154.15 or else more gains. This will be a good opportunity for the exporters to book their profit, as weak Rupee stance is likely to short-lived.'

So far, the domestic unit has logged by PKR 13.91 or 9.03% gain against the greenback in FY21 while appreciation has been PKR 5.70 or 3.70% in CY21. MTD (month to date) position showed a decrease of 0.89%, as per data compiled by Mettis Global.

Meanwhile, the currency lost 98 paisa to the Pound Sterling as the day's closing quote stood at PKR 214.65 per GBP, while the previous session closed at PKR 213.67 per GBP.

Similarly, PKR's value weakened by 1.1 rupees against EUR which closed at PKR 186.46 at the interbank today.

On another note, within the money market, the overnight repo rate towards the close of the session was 6.00/6.10 percent, whereas the 1-week rate was 6.60/6.75 percent.

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