PKR loses ground by 34 paisa against USD

August 30, 2021 (MLN): Pakistani rupee (PKR) could not continue to hold its ground for more than two days, depreciating by 34 paisa against the greenback in today's interbank session and closed the trade at PKR 165.96.

On Friday, the local unit had closed at PKR 165.62 per USD.

The rupee endured a relatively dull trading session with very little intraday movement, trading in a range of 34 paisa per USD showing an intraday high bid of 166.00 and an intraday Low offer of 165.70.

Within the Open Market, PKR was traded at 165/166.50 per USD.

As per the data gathered by Mettis Global, the home unit has depreciated by 5.07% and 3.69% in FY22 and CY21, respectively with the month-to-date (MTD) position showing a drop of 2.13%.

Meanwhile, the currency lost 1.5 rupees to the Pound Sterling as the day's closing quote stood at PKR 228.33 per GBP, while the previous session closed at PKR 226.85 per GBP.

Similarly, PKR's value weakened by 1.2 rupees against EUR which closed at PKR 195.8 at the interbank today.

On another note, within the money market, the overnight repo rate towards the close of the session was 7.00/7.10 percent, whereas the 1-week rate was 7.05/7.10 percent.

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