PKR sheds 23 paisa against USD

December 16, 2022 (MLN): Pakistani rupee has depreciated by 23 paisa against the US Dollar in today's interbank session as the currency settled the day's trade at PKR 224.94 per USD, against yesterday's closing of PKR 224.71 per USD.

During the session, the rupee traded in a band of 45 paisa per USD showing an intraday high bid of 225 and low offer of 224.65 while in the open market, PKR was traded at 232.05/234.37 per USD.

The current pressure on PKR is attributed to, falling FX reserves, and the weak economic outlook of the country.

To note, on December 15, 2022, the foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $14.9 million to $6.70 billion during the week ended on December 9, 2022.

In FYTD, PKR lost 20.08 rupees or 8.93%, while it plummeted by 48.42 rupees or 21.53% against the USD in CYTD, as per data compiled by Mettis Global.

Alternatively, the currency gained 4 rupees against the Pound Sterling as the day's closing quote stood at PKR 274.03 per GBP, while the previous session closed at PKR 278.03 per GBP.

On the other hand, PKR's value weakened by 8 paisa against EUR which closed at PKR 239.2 at the interbank today.

On another note, the SBP conducted an Open Market Operation (OMO), and Shariah-compliant Mudarabah OMO today, in which it cumulatively injected a total of Rs2.07 trillion into the market.

The overnight repo rate towards close of the session was 16.00/16.40 percent, whereas the 1 week rate was 15.95/16.05 percent.

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