PKR falls to 175.27 against USD

October 26, 2021 (MLN): Sticking to its long-losing streak, the Pakistani rupee (PKR) shed 84 paisa per US dollar in today's interbank session as the currency closed the trade at PKR 175.27, against yesterday's closing of PKR 174.43 per USD.

The rising US dollar demand and soaring energy prices pushed PKR to face an all-time new low during the intraday trade. Given the situation, the market participants are in a state of uncertainty as they are unsure about the next move.

The rupee endured a volatile trading session with quotes being recorded in a range of 1 rupee per USD showing an intraday high bid of 175.40 and an intraday Low offer of 174.40.

The domestic unit has depreciated by 10.11% or PKR 17.72 in the fiscal year-to-date against the USD. Similarly, the rupee has weakened by 8.80% or PKR 15.43 in CY21, with the month-to-date (MTD) position showing a decline of 2.63%, as per the data compiled by Mettis Global.

Within the Open Market, PKR was traded at 174/176 per USD.

Meanwhile, the currency lost 83 paisa to the Pound Sterling as the day's closing quote stood at PKR 241.3 per GBP, while the previous session closed at PKR 240.47 per GBP.

On the other hand, PKR's value strengthened by 15 paisa against EUR which closed at PKR 203.27 at the interbank today.

On another note, within the money market, the overnight repo rate towards the close of the session was 7.40/7.55 percent, whereas the 1 week rate was 7.35/7.45 percent.

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