May 17, 2023 (MLN): The Pakistani rupee (PKR) lost its grip against the mighty US dollar as the currency settled today's trade in the interbank market at PKR 285.4 per USD, depreciating by 44 paisa compared to yesterday's closing of PKR 284.96 per USD.
Throughout today’s session, the local unit traded in a band of 2.2 rupees, showing an intraday high bid of 286.19 and a low offer of 284.95 while in the open market, PKR was traded at 298/301 per USD.
Alternatively, the currency gained 2.1 rupees against the Pound Sterling as the day's closing quote stood at PKR 354.86 per GBP, while the previous session closed at PKR 356.97 per GBP.
Similarly, PKR's value strengthened by 1.3 rupees against EUR which closed at PKR 309.21 at the interbank today.
In FYTD, PKR lost 80.55 rupees or 28.32%, while it plummeted by 58.97 rupees or 20.66% against the USD in CYTD. Within the last seven sessions, the local unit moved up by 1.69%, 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 20.05%/20.2%, whereas the 1-week rate was 20.45%/20.55%.
