PKR sheds 25 paisa against USD

December 12, 2022 (MLN): Pakistani rupee (PKR) depreciated by 25 paisa against US dollar (USD) in today's interbank session as the currency settled the trade at PKR 224.65 per USD, against last session's closing of PKR 224.40 per USD.

During the session, the rupee traded in a band of 50 paisa per USD showing an intraday high bid of 224.75 and low offer of 224.25 while in the open market, PKR was traded at 232/234.32 per USD.

The local unit was hammered once again on the back of news that Pakistan’s black market for dollars rise up and dollars are selling at a 10% premium after State Bank of Pakistan (SBP) impose restrictions to save forex reserves, as per Bloomberg reported.

At present, foreign exchange reserves held by the SBP fell by $783.8 million to $6.71 billion due to payment of  $1bn against maturing Pakistan International Sukuk and some other external debt repayments.

In FYTD, PKR lost 19.80 rupees or 8.81%, while it plummeted by 48.13 rupees or 21.43% against the USD in CYTD, as per data compiled by Mettis Global.

Alternatively, the currency gained 1 paisa against the Pound Sterling as the day's closing quote stood at PKR 275.04 per GBP, while the previous session closed at PKR 275.04 per GBP.

Similarly, PKR's value strengthened by 68 paisa against EUR which closed at PKR 236.49 at the interbank today.

The overnight repo rate towards close of the session was 15.80/16.10%, whereas the 1 week rate was 16.04/16.14%.

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