May 24, 2023 (MLN): The Pakistani rupee (PKR) managed to find stable ground on Wednesday as the currency witnessed no major change from the previous closing and ended the session in the interbank market at PKR 287.13.
Throughout today’s session, the local unit traded in a band of 45 paisa, showing an intraday high bid of 287.35 and a low offer of 287.20 while in the open market, PKR was traded at 307/310 per USD.
Alternatively, the currency lost 72 paisa to the Pound Sterling as the day's closing quote stood at PKR 356.78 per GBP, while the previous session closed at PKR 356.06 per GBP.
On the other hand, PKR's value strengthened by 72 paisa against EUR which closed at PKR 309.51 at the interbank today.
In FYTD, PKR lost 82.29 rupees or 28.66%, while it plummeted by 60.71 rupees or 21.14% against the USD in CYTD. Within the last seven sessions, the local unit moved down by 0.76%, as per data compiled by Mettis Global.
On another note, within the money market, the overnight repo rate towards the close of the session was 21%/21.1%, whereas the 1-week rate was 21.05%/21.15%.