PKR slides by 2.4 rupees against USD

April 10, 2023 (MLN): The economic uncertainty due to stalled tranche from IMF has forced the Pakistani rupee (PKR) to further lose its ground by 2.4 rupees against the US dollar in today's interbank session as the currency settled the trade at PKR 287.09 per USD, compared to previous session's closing of PKR 284.65 per USD.

Throughout today’s session, the local unit traded in a band of three rupees, showing an intraday high bid of 287 and low offer of 285 while in the open market, PKR was traded at 289.50/293 per USD.

Meanwhile, the currency lost 2.3 rupees to the Pound Sterling as the day's closing quote stood at PKR 356.47 per GBP, while the previous session closed at PKR 354.16 per GBP.

Similarly, PKR's value weakened by 2.4 rupees against EUR which closed at PKR 313.15 at the interbank today.

In FYTD, PKR lost 82.23 rupees or 28.65%, while it plummeted by 60.65 rupees or 21.13% against the USD in CYTD. On the other hand, within the last seven sessions, the local unit moved down by 0.71%, as per data compiled by Mettis Global.

On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation (OMO) today, in which it injected a total of Rs77 billion into the market for a 4-day tenor at the rate of 21.08%.

The overnight repo rate towards the close of the session was 20.75%/21%, whereas the 1-week rate was 21.15%/21.25%.

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