July 30, 2021 (MLN): The Pakistani Rupee (PKR) on Friday depreciated by over 65 paisa against the US Dollar (USD) in the intraday trade at the interbank market as the decline in forex reserves by USD252.50 million weighed on the rupee.

The rupee has been under pressure due to payment pressure.

The dollar was being quoted (11:10 PST) at 162.55/60 compared to the previous day’s close of 161.88.

Taking to his Twitter handle, Asad Rizvi, CEO of CMKA said, “Though the market is offering at 162.60 in small amount, bidders are hesitant to buy. This is why swap points in tenors have dipped, instead, the interbank market prefers Buy/Sell swaps to avoid buying at higher levels.”

On Wednesday in a meeting with SBP, Banks’ CEOs/Treasury heads were asked to efficiently utilize their NOP limits & avoid unnecessary long dollar positions, he noted.

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