PKR loses 26 paisa against greenback

May 08, 2023 (MLN): The Pakistani rupee (PKR) on Monday depreciated by 26 paisa against the US dollar in the interbank session as the currency settled the day's trade at PKR 283.85 per USD, compared to yesterday's closing of PKR 283.59 per USD.

Throughout today’s session, the local unit traded in a band of 30 paisa, showing an intraday high bid of 283.9 and a low offer of 283.7 while in the open market, PKR was traded at 285/287 per USD.

Meanwhile, the currency lost 1.4 rupees to the Pound Sterling as the day's closing quote stood at PKR 358.81 per GBP, while the previous session closed at PKR 357.41 per GBP.

Similarly, PKR's value weakened by 94 paisa against EUR which closed at PKR 313.66 at the interbank today.

In FYTD, PKR lost 79 rupees or 27.83%, while it plummeted by 57.42 rupees or 20.23% against the USD in CYTD. Within the last seven sessions, the local unit moved down by 0.01%, as per data compiled by Mettis Global.

On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation (OMO) in which it mopped up a total of Rs317.8 billion from the market at the rate of 20.99%.

The overnight repo rate towards the close of the session was 20.75%/21.25%, whereas the 1-week rate was 20.68%/20.78%.

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