PKR settles at 178.63 per USD against greenback

March 10, 2022 (MLN): The Pakistani rupee (PKR) managed to hold its ground against the US dollar in the second consecutive session as the currency closed the day's trade at PKR 178.63, witnessing no change as compared to the previous session.

The rupee saw a volatility free session as the very little movement was recorded trading in a range of only 5 paisa per USD showing an intraday high bid of 178.65 and an intraday low offer of 178.70.

Despite the presence of demand for dollar, PKR did manage to trade around lifetime lows. Owing to the ongoing geopolitical risk caused by conflict, the uncertain condition persists, Asad Rizvi, the former Treasury Head at Chase Manhattan said.

“Ukrainian President Volodymyr Zelensky’s willingness to compromise and UAE to support helped oil prices to slide sharply,” he added.

However, Pakistan has many challenges to address to stabilize the local unit.

From July’21 to date, the local unit has lost Rs21.06 against the USD. Similarly, the rupee fell by PKR2.1 in CY22, with the month-to-date (MTD) position showing a decline of 0.65%, as per data compiled by Mettis Global.

Within the open market, PKR was traded at 178.80/179.50 per USD.

Alternatively, the currency lost 1 rupee to the Pound Sterling as the day's closing quote stood at PKR 235.55 per GBP, while the previous session closed at PKR 234.54 per GBP.

Similarly, PKR's value weakened by 2 rupees against EUR which closed at PKR 197.58 at the interbank today.

On another note, within the money market, the overnight repo rate towards the close of the session was 9.90/10.10 percent, whereas the 1-week rate was 9.95/10.05 percent.

Copyright Mettis Link News