PKR slumps by 1.3 rupees in interbank market

November 11, 2021 (MLN): While enduring a losing spree, the Pakistani rupee (PKR) witnessed another day of misery in today's interbank session, depreciating by 1.3 rupees against the greenback as the currency closed the trade at PKR 174.19 per USD.

This is a third consecutive session where the domestic currency weakened by more than 100 paisa. Yesterday, the rupee had closed at PKR 172.93 per USD.

The rupee witnessed a volatile trading session with quotes being recorded in a range of 1.3 rupees per USD showing an intraday high bid of 174.30 and an intraday Low offer of 173.

Within the Open Market, PKR was traded at 174.00/175.50 per USD.

According to the data gathered by Mettis Global, the domestic unit has depreciated by 9.56% or PKR 16.64 in the fiscal year-to-date against the USD. Similarly, the rupee has weakened by 8.24% or PKR 14.35 in CY21, with the month-to-date (MTD) position showing a decline of 1.45%.

Alternatively, the currency gained 1.1 rupees against the Pound Sterling as the day's closing quote stood at PKR 233.01 per GBP, while the previous session closed at PKR 234.15 per GBP.

Similarly, PKR's value strengthened by 37 paisa against EUR which closed at PKR 199.69 at the interbank today.

On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation in which it injected Rs.330 billion for 1 day at 7.5 percent.

The overnight repo rate towards the close of the session was 7.45/7.60 percent, whereas the 1-week rate was 7.40/7.45 percent.

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