PKR drops by 26 paisa per USD

May 29, 2023 (MLN): The Pakistani rupee (PKR) depreciated by 26 paisa against the US Dollar (USD) in today's interbank session as the currency settled the trade at PKR 285.42 per USD, compared to the previous session's closing of PKR 285.15 per USD.

Throughout today’s session, the local unit traded in a band of 70 paisa, showing an intraday high bid of 285.7 and a low offer of 285.5 per USD while in the open market, the dollar was traded at 311/314 per USD.

Meanwhile, the currency lost 12 paisa to the Pound Sterling as the day's closing quote stood at PKR 352.2 per GBP, while the previous session closed at PKR 352.08 per GBP.

On the other hand, PKR's value strengthened by 12 paisa against EUR which closed at PKR 305.99 at the interbank today.

In FYTD, PKR lost 80.56 rupees or 28.23%, while it plummeted by 58.98 rupees or 20.67% against the USD in CYTD. Within the last seven sessions, the local unit moved up by 0.40%, as per data compiled by Mettis Global.

On another note, within the money market, the overnight repo rate towards the close of the session was 20.75%/21%, whereas the 1-week rate was 21.05%/21.15%.

The PKR's bearish run is attributed to the persistent delay in the International Monetary Fund (IMF) program.

Notably, Finance Minister Ishaq Dar earlier blamed the internal and external elements for artificially increasing the price of the dollar against PKR.

According to Ishaq Dar, “The true value of the dollar is between 240 to 249.”

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