April 27, 2023 (MLN): Pakistani rupee (PKR) could not hold its ground on Thursday against the mighty US dollar, depreciating by 53 paisa in the interbank session as the currency settled the trade at PKR 283.92 per USD, compared to yesterday's closing of PKR 283.39 per USD.
Throughout today’s session, the local unit traded in a band of 90 paisa, showing an intraday high bid of 284.1 and a low offer of 283.40 while in the open market, PKR was traded at 287/290 per USD.
Meanwhile, the currency lost 94 paisa to the Pound Sterling as the day's closing quote stood at PKR 353.85 per GBP, while the previous session closed at PKR 352.91 per GBP.
Similarly, PKR's value weakened by 1.4 rupees against EUR which closed at PKR 313.6 at the interbank today.
In FYTD, PKR lost 79.07 rupees or 27.85%, while it plummeted by 57.48 rupees or 20.25% against the USD in CYTD. Within the last seven sessions, the local unit moved down by 27.85%, as per data compiled by Mettis Global.
On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation (OMO), and Shariah-compliant Mudarabah OMO today, in which it cumulatively injected a total of Rs509.2 billion into the market, from which Rs352.2bn injected into the market under reverse repo.
While the remaining Rs157bn was injected through Shariah-compliant Mudarabah OMO.
The overnight repo rate towards the close of the session was 20.75%/21%, whereas the 1-week rate was 20.95%/21.05%.
