PKR remains stable at 284.96 per USD

May 16, 2023 (MLN): Despite prevailing political and economic uncertainty, the Pakistani rupee (PKR) managed to find stable ground on Tuesday as the currency witnessed no change from the previous closing and ended the session in the interbank market at PKR 284.96 per USD. 

Throughout today’s session, the local unit traded in a band of 1.5 rupees, showing an intraday high bid of 285.4 and a low offer of 284.9 while in the open market, PKR was traded at 295/300 per USD.

Alternatively, the currency lost 1.2 rupees to the Pound Sterling as the day's closing quote stood at PKR 356.97 per GBP, while the previous session closed at PKR 355.77 per GBP.

Similarly, PKR's value weakened by 75 paisa against EUR which closed at PKR 310.48 at the interbank today.

In FYTD, PKR lost 80.11 rupees or 28.12%, while it plummeted by 58.52 rupees or 20.54% against the USD in CYTD. Within the last seven sessions, the local unit moved down by 0.04%, 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 20.05%/20.2%, whereas the 1-week rate was 20.45%/20.55%.

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