PKR slides by 21 paisa against USD

October 11, 2021 (MLN): Pakistani rupee (PKR) could not continue to hold its ground for more than a session, kicked off the week by losing 21 paisa against the greenback in the interbank session as the currency closed the trade at PKR 170.74.

On Friday, the domestic unit had closed at PKR 170.53 per USD.

The rupee endured a moderate intraday movement, trading in a range of 45 paisa per USD showing an intraday high bid of 170.85 and an intraday Low offer of 170.40.

Within the Open Market, PKR was traded at 170/171.50 per USD.

As per the data gathered by Mettis Global, the local unit has depreciated by 7.73% or PKR 13.20 in the fiscal year-to-date against the USD. Similarly, the rupee has weakened by 6.39% or PKR 10.91 in CY21, with the month-to-date (MTD) position showing a decline of 0.05%.

Meanwhile, the currency lost 1.1 rupees to the Pound Sterling as the day's closing quote stood at PKR 232.79 per GBP, while the previous session closed at PKR 231.67 per GBP.

Similarly, PKR's value weakened by 53 paisa against EUR which closed at PKR 197.41 at the interbank today.

On another note, within the money market, the overnight repo rate towards the close of the session was 7.30/7.50 percent, whereas the 1-week rate was 7.25/7.35 percent.

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