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PKR depreciates by 100 paisa at interbank trade

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September 20, 2022 (MLN): Pakistani rupee (PKR) depreciated by 100 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 238.91 per USD, against yesterday's closing of PKR 237.91 per USD.

During the session, the rupee traded in a range of 1.1 rupees per USD, showing an intraday high bid of 238.9 and an intraday Low offer of 238.1.

Within the Open Market, PKR was traded at 243/245 per USD.

Meanwhile, the currency lost 2.4 rupees to the Pound Sterling as the day's closing quote stood at PKR 273.19 per GBP, while the previous session closed at PKR 270.84 per GBP.

Similarly, PKR's value weakened by 1.7 rupees against EUR which closed at PKR 239.07 at the interbank today.

The Pak rupee is continuously losing its value against the dollar; however, this is not just limited to Pakistan, the other global currencies also witnessed massive depreciation against USD, analyst at Arif Habib Limited said.

From CYTD, PKR depreciated by 25% against USD, making it the fifth worst performing currencies against greenback globally as the currency value of Sri Lanka, Russia, Argentina, and Turkey weakened by 44.5%, 37.1%, 28.4%, and 27.1% against USD respectively, he added.

“The demand for the dollar has increased over the months globally which is affecting the weak economy like Pakistan”, Wajid Rizvi head of research at Intermarket securities said.

On another note, within the money market, the overnight repo rate towards close of the session was 14.10/14.50 percent, whereas the 1-week rate was 14.95/15.05 percent.

In FYTD, PKR lost 34 rupees or 14.26%, while it plummeted by 62.4 rupees or 26.12% against the USD in CYTD, as per data compiled by Mettis Global.

During the last 52 weeks, PKR lost 29.46% against the greenback while reaching its lowest at 239.94 on July 28, 2022, and the highest at 168.5 on September 21, 2021.

Furthermore, the local unit has weakened by 18.95% against EUR when it was highest at 193.75 on March 07, 2022, and lowest at 244.94 on August 01, 2022. While the rupee fell by 16% against GBP since its high of 229.398 on September 30, 2021 and low of 292.4 on July 28, 2022.

Against other currencies, in CYTD, the local unit has weakened by 26.12%, 26.01%, 21.97%, 18.69%, 16.5%, 12.78%, and 7.83% against AED, SAR, CHF, CNY, EUR, GBP, and JPY respectively.

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Posted on:2022-09-20T19:06:05+05:00