July 12, 2021 (MLN): Pakistani rupee (PKR) returned to its course of losing ground after observing appreciation against USD in the previous session. In today’s interbank market, PKR depreciated by 19 paisa as the currency closed the day's trade at PKR 159.36 per USD.
On Friday, the rupee had closed at 159.17 per USD.
According to Asad Rizvi, the former Country Treasurer of Chase Manhattan Bank, the depreciation in PKR is mainly attributable to insufficient export inflows and volume of remittances which could not offset the demand of USD in the market.
The rupee traded within a very narrow range of 30 paisa per USD showing an intraday high bid of 159.55 and an intraday Low offer of 159.31.
Within the Open Market, PKR was traded at 159.50/160.30 per USD.
PKR has depreciated by 1.14% against USD in FY22 while it increased by 0.30% in CY21 with MTD (month to date) position showing a decrease of 1.14%, as per data gathered by Mettis Global.
Meanwhile, the currency lost 1.5 rupees to the Pound Sterling as the day's closing quote stood at PKR 220.95 per GBP, while the previous session closed at PKR 219.42 per GBP.
Similarly, PKR's value weakened by 79 paisa against EUR which closed at PKR 189.2 at the interbank today.
On another note, within the money market, the overnight repo rate towards close of the session was 7.00/7.20 percent, whereas the 1 week rate was 7.05/7.15 percent.
