PKR ends gaining momentum, down by 1.3 rupees per USD

March 08, 2023 (MLN): The Pakistani rupee (PKR) has once again snapped its gaining streak as the hopes on the IMF front are getting blurred due to longer than expected delay. In today’s interbank session, the local unit has depreciated by 1.3 rupees against the US dollar to settle at PKR 279.12 per USD, compared to yesterday's closing of PKR 277.87 per USD.

Throughout today’s session, the local unit traded in a band of 1.75 rupees, showing an intraday high bid of 278.75 and low offer of 277.5 while in the open market, PKR was traded at 277/280.5 per USD.

Alternatively, the currency gained 5.1 rupees against the Pound Sterling as the day's closing quote stood at PKR 329.98 per GBP, while the previous session closed at PKR 335.11 per GBP.

Similarly, PKR's value strengthened by 2.9 rupees against EUR which closed at PKR 294.19 at the interbank today.

In FYTD, PKR lost 74.27 rupees or 26.61%, while it plummeted by 52.69 rupees or 18.88% against the USD in CYTD. On the other hand, within the last seven sessions, the local unit moved down by 4.66%, 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 19.75%/20%, whereas the 1-week rate was 19.95%/20.05%.

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