September 13, 2021(MLN): The downward march of the Pakistani Rupee (PKR) continued against the US Dollar as it ended at 168.10 in the interbank market on Monday, the lowest closing level since August 26, 2020, while registering a fall of 0.05% or 7 paisa from its previous close of 168.022.
Despite strong remittance data of August’21, the domestic currency still remained under the pressure due to the concerns over the possible widening of the current account deficit in the near future amid import payments. Moreover, Afghanistan's uncertainty continues to put pressure on the PKR, which has mitigated the effects of positive macroeconomic numbers.
In the latest development, in an effort to calm down market sentiment, State Bank of Pakistan (SBP) invited around twelve Treasury Heads to deliberate unrest in the dollar-PKR market, Asad Rizvi, Former Treasury Head-Chase Manhattan Bank said through his Twitter handle.
“Banks are helpless and may not be able to cater to the market demand,” he said. “Nonetheless, it may take some time for the market to settle down.”
Throughout the session, the rupee moved within the range of 30 paisa per USD, showing an intraday high bid of 168.25 and an intraday Low offer of 168.05.
Within the Open Market, PKR was traded at 168/169.20 per USD.
Alternatively, the currency gained 1.02 rupee to the Pound Sterling as the day's closing quote stood at PKR 232.1812 per GBP, while the previous session closed at PKR 233.1978 per GBP.
Similarly, PKR's value strengthened by 88 paisa against EUR which closed at PKR 198.1756 at the interbank today.
The overnight repo rate towards the close of the session was 7.20/7.40 percent, whereas the 1-week rate was 7.15/7.20 percent.
