PKR falls by 22 paisa against US dollar

December 28, 2022 (MLN): Enduring the deprecation spell, the Pakistani rupee (PKR) has further lost its value by 22 paisa against the US dollar in today's interbank session as the currency settled the day's trade at PKR 226.37 per USD compared to the previous closing of PKR 226.15 per USD.

During the session, the rupee traded in a band of 10 paisa per USD showing an intraday high bid of 226 and low offer of 225.15 while in the open market, PKR was traded at 233.27/235.60 per USD.

The local unit remained under pressure on the back of bleak macros, delays in foreign exchange rates, and political upheaval.

Pertaining to the rising concerns on default, Federal Minister for Finance and Revenue Ishaq Dar said that Pakistan is not going to default as the incumbent government is effectively managing the economic situation of the country by efficiently using its resources.

While speaking to investors during the Gong Ceremony the first listing of a developmental REIT (Globe Residency REIT) held at the Pakistan Stock Exchange (PSX) he added, “Though the country is facing hardships that do not mean that the sovereign state is going to give up.”

Talking about dollar PKR parity, he admitted that concerns pertaining to the smuggling of dollars to Afghanistan have led PKR towards a bottomless pit. 

In FYTD, PKR lost 21.52 rupees or 9.51%, while it plummeted by 49.85 rupees or 22.02% against the USD in CYTD, as per data compiled by Mettis Global.

Alternatively, the currency gained 59 paisa against the Pound Sterling as the day's closing quote stood at PKR 272.21 per GBP, while the previous session closed at PKR 272.8 per GBP.

Similarly, PKR's value strengthened by 22 paisa against EUR which closed at PKR 240.65 at the interbank today.

On another note, within the money market, the overnight repo rate towards the close of the session was 15.75%/15.90%, whereas the 1-week rate was 15.95%/16.05%.

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