PKR slumps by 59 paisa per USD

May 23, 2023 (MLN): Continuing its losing momentum, the Pakistani rupee (PKR) depreciated by 59 paisa against the US dollar in today's interbank session as the currency settled the trade at PKR 287.15 per USD, compared to yesterday's closing of PKR 286.56 per USD.

Throughout today’s session, the local unit traded in a band of one rupee, showing an intraday high bid of 287.25 and a low offer of 286.75 while in the open market, PKR was traded at 304/306 per USD.

Alternatively, the currency gained 28 paisa against the Pound Sterling as the day's closing quote stood at PKR 356.06 per GBP, while the previous session closed at PKR 356.34 per GBP.

On the other hand, PKR's value weakened by 48 paisa against EUR which closed at PKR 310.23 at the interbank today.

In FYTD, PKR lost 82.29 rupees or 28.66%, while it plummeted by 60.71 rupees or 21.14% against the USD in CYTD. Within the last seven sessions, the local unit moved down by 0.76%, as per data compiled by Mettis Global.

On another note, within the money market, the overnight repo rate towards the close of the session was 21.25%/21.5%, whereas the 1-week rate was 21.05%/21.15%.

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