PKR slides by 50 paisa against greenback

November 08, 2021 (MLN): Pakistani rupee (PKR) joined back its downward course against the US dollar in today's interbank session, as the currency closed the trade at PKR 170.51 per USD, depreciating by 50 paisa.

On Friday, the domestic unit had settled the trade at PKR 170.01 per USD.

The rupee traded in a range of 80 paisa per USD showing an intraday high bid of 170.70 and an intraday Low offer of 169.90.

“Though the domestic unit gained nearly 3% as the tumultuous week ended with PM relief package & with surprise decisions,” Asad Rizvi, the Former Treasury Head at Chase Manhattan said.

In a hurry, Petroleum price was hiked 11 days b4 the scheduled date, followed by a hike in electricity, sugar, ghee & edible oil prices. Yet the market is still waiting for direction, he added.

Within the Open Market, PKR was traded at 170.50/171.70 per USD.

The domestic unit has depreciated by 7.61% or PKR 12.96 in the fiscal year-to-date against the USD. Similarly, the rupee has weakened by 6.26% or PKR 10.67 in CY21, with the month-to-date (MTD) position showing a decline of 0.67%, as per the data compiled by Mettis Global.

Meanwhile, the currency lost 37 paisa to the Pound Sterling as the day's closing quote stood at PKR 229.88 per GBP, while the previous session closed at PKR 229.5 per GBP.

Similarly, PKR's value weakened by 78 paisa against EUR which closed at PKR 197.3 at the interbank today.

On another note, within the money market, the overnight repo rate towards the close of the session was 7.30/7.40 percent, whereas the 1-week rate was 7.40/7.45 percent.

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