PKR depreciates by 1.1 rupees

July 15, 2019 (MLN): Pakistani rupee (PKR) depreciated by 1.1 rupees against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 159.86 per USD, against last session's closing of PKR 158.79 per USD.

The rupee endured a highly volatile trading session with quotes being recorded in a range of 1.55 rupees per USD showing an intraday high bid of 160.40 and an intraday Low offer of 159.15.

Meanwhile, the currency lost 1.8 rupees to the Pound Sterling as the day's closing quote stood at PKR 200.71 per GBP, while the previous session closed at PKR 198.94 per GBP.

Similarly, PKR's value weakened by 1.5 rupees against EUR which closed at PKR 180.21 at the interbank today.

Within the Open Market, PKR was traded at 159/161 per USD.

This round of depreciation further weighs down Pakistan's external debt burden by Rs.113.29 billion which in dollar terms accounts for a $105.84 billion. Pakistan now owes external avenues a total of Rs.16.92 trillion.

On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation in which it injected Rs.67.7 billion for 4 days at 12.3 percent.

The overnight repo rate towards close of the session was 12.10/12.30 percent, whereas the 1 week rate was 12.25/12.30 percent.

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