PKR floats to an all time-low

MG News | August 26, 2020 at 04:50 PM GMT+05:00

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August 26, 2020 (MLN): After threatening to do so for a few days, PKR finally managed to close at a new all-time low of 168.44.

PKR slid by 6 paise to Rs 168.44 against the US dollar in today's interbank session after a previous close of 168.37.

According to traders, there is no specific reason for the decline. Both drivers of the forex market, supply and demand are adjusting to determine market prices.

The rupee traded within a very narrow range of 9 paisa per USD showing an intraday high bid of 168.51 and an intraday Low offer of 168.45.

Within the Open Market, PKR was traded at 168.20/169 per USD.

Meanwhile, the currency lost 1.3 rupees to the Pound Sterling as the day's closing quote stood at PKR 221.53 per GBP, while the previous session closed at PKR 220.28 per GBP.

Similarly, PKR's value weakened by 2 paisa against EUR which closed at PKR 198.99 at the interbank today.

On another note, within the money market, the overnight repo rate towards close of the session was 7.10/7.20 percent, whereas the 1 week rate was 7.05/7.10 percent.

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