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PKR loses 1.4 rupees against USD in a week

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August 27, 2021 (MLN): In line with market expectations, the Pakistani rupee (PKR) continued its gaining momentum against US dollar in the second consecutive interbank session on Friday, appreciating by 18 paisa as the currency closed the trade at PKR 165.62.

On Thursday, the domestic unit has closed at165.81 per USD.

After witnessing a long streak of depreciation, the rupee managed to gain some ground since yesterday. However, it is early to say if PKR has stabilized or need more time, Asad Rizvi, the former Country Treasurer of Chase Manhattan Bank said.

The rupee endured a relatively dull trading session with very little intraday movement, trading in a range of 40 paisa per USD showing an intraday high bid of 165.90 and an intraday Low offer of 165.55.

During the week, the currency has lost 1.4 rupees against the greenback, as the previous week was concluded at PKR 164.18 per USD.

Within the Open Market, PKR was traded at 165.8/166.70 per USD.

According to the data gathered by Mettis Global, the home unit has depreciated by 4.88% and 3.50% in FY22 and CY21, respectively with the month-to-date (MTD) position showing a drop of 1.93%.

Meanwhile, the currency gained 90 paisa against the Pound Sterling as the day's closing quote stood at PKR 226.85 per GBP, while the previous session closed at PKR 227.74 per GBP.

Similarly, PKR's value strengthened by 35 paisa against EUR which closed at PKR 194.65 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.1.95 trillion for 7 days at 7.08 percent.

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

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Posted on: 2021-08-27T16:31:00+05:00

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