PKR drops by 8 paisa per USD

MG News | May 02, 2023 at 05:35 PM GMT+05:00

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May 02, 2023 (MLN): The Pakistani rupee (PKR) on Tuesday depreciated by 8 paisa against the US dollar (USD) in the interbank session as the currency settled the trade at PKR 283.92 per USD, compared to the previous session's closing of PKR 283.84 per USD.

Throughout today’s session, the local unit traded in a band of 25 paisa, showing an intraday high bid of 284 and a low offer of 283.75 while in the open market, PKR was traded at 287/290 per USD.

Meanwhile, the currency lost 11 paisa to the Pound Sterling as the day's closing quote stood at PKR 354.1 per GBP, while the previous session closed at PKR 353.99 per GBP.

On the other hand, PKR's value strengthened by 58 paisa against EUR which closed at PKR 311.4 at the interbank today.

In FYTD, PKR lost 78.07 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 0.16%, 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 20.6%/21%, whereas the 1-week rate was 20.85%/20.95%.

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