PKR depreciates by 42 paisa over the week

January 22, 2021 (MLN): Pakistani rupee (PKR) depreciated by 13 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 160.75 per USD, against yesterday's closing of PKR 160.62 per USD.

The rupee traded within a very narrow range of 29 paisa per USD showing an intraday high bid of 160.85 and an intraday Low offer of 160.60.

During the week, the currency has lost 42 paisa against the greenback, as the previous week was concluded at PKR 160.33 per USD.

Within the Open Market, PKR was traded at 160.20/160.80 per USD.

In a tweet, Asad Rizvi, former Country Treasurer of Chase Manhattan Bank said, ‘PKR gain will be delayed. Recently released economic numbers will not help because SBP data is showing a dip in NET RESERVES WITH SBP by $ 386.2 million & TOTAL LIQUID FX RESERVES by $ 398.7 million. Higher oil prices & Food/Cotton shortfall will increase the bill.’

Alternatively, the currency gained 42 paisa against the Pound Sterling as the day's closing quote stood at PKR 219.97 per GBP, while the previous session closed at PKR 220.39 per GBP.

On the other hand, PKR's value weakened by 95 paisa against EUR which closed at PKR 195.81 at the interbank today.

On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation in which it injected Rs.1,035 billion for 7 days at 7.04 percent.

The overnight repo rate towards close of the session was 7.00/7.10 percent, whereas the 1 week rate was 7.03/7.07 percent.

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