PKR loses 65 paisa against greenback

December 02, 2020 (MLN): Pakistani rupee (PKR) depreciated by 65 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 160.46 per USD, against yesterday's closing of PKR 159.82 per USD.

‘There was some pent-up demand from the earlier week when the New York market was closed on Thursday and Friday in observance of Thanksgiving. That was exacerbated by upcoming long weekend in the UAE due to national holidays’, said Zafar Paracha, ex-secretary general Exchange Companies Association of Pakistan.

He added that fundamentals were positive but there was resistance around Rs158 level.

The rupee saw a volatility free session as very little movement was recorded trading in a range of 68 paisa per USD showing an intraday high bid of 160.50 and an intraday Low offer of 159.92.

Within the Open Market, PKR was traded at 160.00/160.80 per USD.

Meanwhile, the currency lost 35 paisa to the Pound Sterling as the day's closing quote stood at PKR 214.54 per GBP, while the previous session closed at PKR 214.19 per GBP.

Similarly, PKR's value weakened by 1.9 rupees against EUR which closed at PKR 193.4 at the interbank today.

On another note, within the money market, the overnight repo rate towards close of the session was 6.70/6.85 percent, whereas the 1 week rate was 6.90/7.00 percent.

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