January 04, 2022 (MLN): After making a comeback by one rupee in the previous session, Pakistani rupee (PKR) rejoined its old course of depreciation today, sliding by 23 paisa or 0.13% DoD against the US dollar as the currency closed the day's trade at PKR 176.75.
The rupee endured a relatively volatile trading session with quotes being recorded in a range of 55 pasia per USD showing an intraday high bid of 176.75 and an intraday low offer of 176.20.
The local unit has depreciated by 10.86% or PKR 19.23 in the fiscal year-to-date against the USD, as per the data compiled by Mettis Global.
As per the Exchange Companies Association of Pakistan (ECAP), PKR gained 50 paisa for buying while the selling rates remained the same over the day to close at 178 and 179 respectively in the open market.
Meanwhile, the currency lost 21 paisa to the Pound Sterling as the day's closing quote stood at PKR 238.49 per GBP, while the previous session closed at PKR 238.28 per GBP.
On the other hand, PKR's value strengthened by 42 paisa against EUR which closed at PKR 200.41 at the interbank today.
Within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation (OMO) today, in which it injected Rs265 billion into the market for 3 days at 9.94 percent.
On another note, the overnight repo rate towards the close of the session was 10.25/10.50 percent, whereas the 1-week rate was 9.95/10.05 percent.
