PKR marches on in interbank

November 17, 2021 (MLN): Maintaining its gaining spree, the Pakistani rupee (PKR) jumped by 1.1 rupees per USD in today's interbank session as the currency closed the trade at PKR 173.76 per USD, against yesterday's closing of PKR 174.89.

The rupee endured a highly volatile trading session with quotes being recorded in a range of 1.2 rupees per USD showing an intraday high bid of 174.60 and an intraday Low offer of 173.40.

Within the Open Market, PKR was traded at 174/176 per USD.

The local unit has depreciated by 9.33% or PKR 16.21 in the fiscal year-to-date against the USD. Similarly, the rupee has weakened by 8.01% or PKR 13.92 in CY21, with the month-to-date (MTD) position showing a decline of 1.21%, as per the data compiled by Mettis Global.

Meanwhile, the currency gained 1.6 rupees against the Pound Sterling as the day's closing quote stood at PKR 233.77 per GBP, while the previous session closed at PKR 235.42 per GBP.

Similarly, PKR's value strengthened by 2.3 rupees against EUR which closed at PKR 196.63 at the interbank today.

On another note, within the money market, the overnight repo rate towards the close of the session was 7.70/7.90 percent, whereas the 1-week rate was 7.75/8.00 percent.

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