PKR loses ground by 83 paisa against greenback

March 13, 2023 (MLN): The delay in much-needed inflows from IMF has forced the Pakistani rupee (PKR) to lose its ground by 83 paisa against the US dollar in today's interbank session as the currency settled the trade at PKR 281.61 per USD compared to last session's closing of PKR 280.77 per USD.

Throughout today’s session, the local unit traded in a band of 2 rupees, showing an intraday high bid of 282 and low offer of 280.75 while in the open market, PKR was traded at 281/285 per USD.

Meanwhile, the currency lost 4.4 rupees to the Pound Sterling as the day's closing quote stood at PKR 340.02 per GBP, while the previous session closed at PKR 335.67 per GBP.

Similarly, PKR's value weakened by 2.9 rupees against EUR which closed at PKR 300.47 at the interbank today.

In FYTD, PKR lost 76.75 rupees or 27.26%, while it plummeted by 55.17 rupees or 19.59% against the USD in CYTD. On the other hand, within the last seven sessions, the local unit moved down by 1.32%, as per data compiled by Mettis Global.

Within the money market, the overnight repo rate towards the close of the session was 19.25%/19.50%, whereas the 1-week rate was 19.85%/19.95%.

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