PKR drops by 41 paisa against USD

April 28, 2022 (MLN): Snapping its gaining streak, the Pakistani rupee (PKR) depreciated by 41 paisa against the US dollar in today's interbank session as the currency settled the trade at PKR 185.87 compared to yesterday's closing of PKR 185.45 per USD.

The rupee traded within a range of 75 paisa per USD showing an intraday high bid of 186.05 and an intraday low offer of 185.50.

Despite the development on the front of IMF which has rekindled the sentiment of traders that gave some respite to PKR in the previous three sessions. However, the gloomy macros have once again started creating a spell of depreciation over PKR.

From July’21 to date, the local unit has lost Rs28.32 against the USD. Similarly, the rupee fell by Rs9.35 in CYTD, with the month-to-date (MTD) position showing a drop of 1.29%, as per data compiled by Mettis Global.

In addition, the performance of PKR remained satisfactory against major during the last seven sessions as it strengthened by 4.68%, 3.98%, 3.16%, 2.84%, 2.68%, 0.61%, and 0.59% against GBP, EUR, CNY, CHF, JPY, SAR, and AED, respectively.

During the last 52 weeks, PKR lost 18.07% against the greenback, reached its lowest at 185.87 today, and touched its high of 152.27 on May 7, 2021.

Furthermore, the local unit has weakened by 6.53% since its high on May 5, 2021, against EUR.  While, it has dropped by 9.19% against GBP since its high on May 7, 2021.

Within the Open Market, PKR was traded at 185.40/186.90 per USD.

Meanwhile, the currency lost 58 paisa to the Pound Sterling as the day's closing quote stood at PKR 233.48 per GBP, while the previous session closed at PKR 232.89 per GBP.

On the other hand, PKR's value strengthened by 53 paisa against EUR which closed at PKR 196.26 at the interbank today.

On another note, within the money market, the six-month KIBOR reached 14.96% today, marking the highest rate since January 31, 2009 (15.10%).

The overnight repo rate towards the close of the session was 13.00/13.10 percent, whereas the 1-week rate was 11.95/12.05 percent.

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