PKR loses another 1.9 rupee at the end of a volatile session

June 27, 2019 (MLN): Pakistani rupee (PKR) depreciated by another 1.9 rupees against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 164.06 per USD, against yesterday's closing of PKR 162.17 per USD.

The rupee endured a highly volatile trading session with quotes being recorded in a range of 1.35 rupees per USD showing an intraday high bid of 164.10 and an intraday Low offer of 163.25.

However, the local currency appreciated in the second session, with the dollar being quoted at 162.75/163.25 at 4:20 pm (PST).

Alternatively, the currency gained 2.5 rupees against the Pound Sterling as the day's closing quote stood at PKR 208.35 per GBP, while the previous session closed at PKR 205.55 per GBP.

On the other hand, PKR's value weakened by 2.3 rupees against EUR which closed at PKR 186.51 at the interbank today.

Within the Open Market, PKR was traded at 161/164 per USD.

This round of depreciation further weighs down Pakistan's external debt burden by Rs.199.86 billion which in dollar terms accounts for a $105.84 billion. Pakistan now owes external avenues a total of Rs.17.36 trillion.

On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation in which it mopped up Rs.105 billion for 1 day at 12.2 percent.

The overnight repo rate towards close of the session was 12.10/12.25 percent, whereas the 1 week rate was 12.50/12.60 percent.

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