April 22, 2021 (MLN): Pakistani rupee (PKR) weakened further for the fourth straight session on Thursday, weighed down by persistent demand for dollars from importers. The local currency closed the day’s trade at PKR 153.46 per US dollar, down by 23 paisa against the previous closing of 153.24 in the interbank market.
The rupee endured a relatively dull trading session with very little intraday movement, trading in a range of 37 paisa per USD showing an intraday high bid of 153.50 and an intraday Low offer of 153.23.
The local unit has been under pressure for the last few days, commenting on the same, Asad Rizvi, Former TREASURY Head-CHASE MANHATTAN Bank, said via a Twitter handle, ‘Last week, I said as we approach 150 levels, the pace of Rupee gains will slow down. Remittance inflow is very encouraging, but higher oil prices, wheat, sugar, cotton & increase in import of automobiles & Mobil phones are disturbing.’
Within the Open Market, PKR was traded at 153.20/154 per USD.
According to the data compiled by Mettis Global, MTD (month to date) position showed a decrease of 0.46% while so far in FYTD, the local currency has gained by PKR 14.59 or 9.51% against the greenback. In CY21, the appreciation has been PKR 6.37 or 4.15%.
Meanwhile, the currency lost 21 paisa to the Pound Sterling as the day's closing quote stood at PKR 213.91 per GBP, while the previous session closed at PKR 213.69 per GBP.
Similarly, PKR's value weakened by 78 paisa against EUR which closed at PKR 184.85 at the interbank today.
On another note, within the money market, the overnight repo rate towards close of the session was 6.90/7.10 percent, whereas the 1 week rate was 7.00/7.05 percent.
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