PKR slips by 50 paisa against USD

November 16, 2022 (MLN): While extending its losing momentum, the Pakistani rupee (PKR) depreciated by 50 paisa against the US dollar in today's interbank session as the currency settled the trade at PKR 222.41 compared to the previous closing of PKR 221.91 per USD.

In the backdrop of melting foreign exchange reserves and delay in the fresh inflows, the rupee is once again on the road to lose its earlier gains.

During the session, the rupee traded in a band of 70 paisa per USD showing an intraday high bid of 222.50 and low offer of 222.25 while in the open market, PKR was traded at 226.75/229 per USD.

Meanwhile, the currency lost 1.9 rupees to the Pound Sterling as the day's closing quote stood at PKR 264.35 per GBP, while the previous session closed at PKR 262.43 per GBP.

Similarly, PKR's value weakened by 56 paisa against EUR which closed at PKR 231.42 at the interbank today.

Within the money market, the overnight repo rate towards the close of the session was 14.90/15.10%, whereas the 1-week rate was 15.05/15.15%.

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