November 03, 2022 (MLN): The Pakistani rupee (PKR) has depreciated by 51 paisa against the US dollar in today's interbank session as the currency settled the trade at PKR 221.95 compared to the previous closing of 221.43 per USD.
During the session, the rupee traded in a band of 1.1 rupees per USD showing an intraday high bid of 222 and low offer of 221.40 while in the open market, PKR was traded at 225/227.25 per USD.
The uncertainty over the Chinese response to development on the front of debt rollover and import payment forced the rupee to lose its ground against the greenback.
Speaking to Mettis Global, Ahsan Mehanti, CEO of Arif Habib Commodities told Mettis Global, “PKR is depreciating on account of import payments, govt relaxation of LCs up to 100,000 and uncertainty over dollar bond restructuring and China debt rollover.”
In FYTD, PKR lost 17.09 rupees or 7.7%, while it plummeted by 45.43 rupees or 20.47% against the USD in CYTD, as per data compiled by Mettis Global.
Alternatively, the currency gained 2.8 rupees against the Pound Sterling as the day's closing quote stood at PKR 251.7 per GBP, while the previous session closed at PKR 254.54 per GBP.
Similarly, PKR's value strengthened by 1.7 rupees against EUR which closed at PKR 217.06 at the interbank today.
On another note, within the money market, the overnight repo rate towards the close of the session was 15.25/15.50%, whereas the 1-week rate was 15.05/15.15%.
