PKR loses 1.3 rupees against USD during the week

July 09, 2021 (MLN): After shedding the value for first five consecutive sessions of FY22, Pakistani rupee (PKR) gained 17paisa on Friday in interbank market to trade at PKR 159.17 per USD, against yesterday's closing of PKR 159.33 per USD.

This appreciation in the home unit is primarily attributable to increase in the foreign exchange reserves to  USD 24.4bn after receiving USD 1.4bn inflows from China & World Bank and the issuance of Eurobond worth $1bn, said by Asad Rizvi, the former Country Treasurer of Chase Manhattan Bank.

The rupee traded within a very narrow range of 34 paisa per USD showing an intraday high bid of 159.35 and an intraday Low offer of 159.13.

During the week, the currency has lost 1.3 rupees against the greenback, as the previous week was concluded at PKR 157.87 per USD.

Within the Open Market, PKR was traded at 159.50/160.30 per USD.

As per data collected by Mettis Global, PKR has depreciated by 1.02% against the greenback in FY22 while it gained by 0.42% in CY21 with MTD (month to date) position showing a decrease of 1.02%.

Meanwhile, the currency gained 18 paisa against the Pound Sterling as the day's closing quote stood at PKR 219.42 per GBP, while the previous session closed at PKR 219.6 per GBP.

On the other hand, PKR's value weakened by 5 paisa against EUR which closed at PKR 188.41 at the interbank today.

On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation in which it injected Rs.2.4 trillion for 3 and 7 days at 7.08 and 7.07 percent, respectively.

The overnight repo rate towards close of the session was 7.15/7.25 percent, whereas the 1 week rate was 7.10/7.20 percent.

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Posted on: 2021-07-09T17:21:00+05:00