PKR edges lower by 11 paisa per USD

May 31, 2023 (MLN): The Pakistani rupee (PKR) depreciated by 11 paisa against the US dollar in today's interbank session as the currency settled the trade at PKR 285.47 per USD, compared to the previous session's closing of PKR 285.35 per USD.

Throughout today’s session, the local unit traded in a band of 86 paisa, showing an intraday high bid of 285.65 and a low offer of 284.99 per USD while in the open market, the dollar was traded at 310/314 per USD.

Meanwhile, the currency lost 3 paisa to the Pound Sterling as the day's closing quote stood at PKR 352.61 per GBP, while the previous session closed at PKR 352.58 per GBP.

On the other hand, PKR's value strengthened by 55 paisa against EUR which closed at PKR 304.48 at the interbank today.

In FYTD, PKR lost 80.62 rupees or 28.24%, while it plummeted by 59.03 rupees or 20.68% against the USD in CYTD. Within the last seven sessions, the local unit moved up by 0.58%, 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) today, in which it injected a total of Rs761.25 billion into the market for a tenor of 2-days at 21.08%.

The overnight repo rate towards the close of the session was 21.60/21.75%, whereas the 1-week rate was 21.04/21.14%.

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