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PKR stands firm against greenback

PKR to retreat on financing risks: Goldman Sachs
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December 19, 2022 (MLN): In the backdrop of narrowing the Current Account Deficit (CAD), the Pakistan Rupee (PKR) has managed to hold its ground in the interbank market against the greenback as the currency settled today’s trade at PKR 224.94.

During the session, the rupee traded in a band of 20 paisa per USD showing an intraday high and low bid of 225 while in the open market, PKR was traded at 231.78/234.09 per USD.

On the trade side, imports fell to $4.8bn and went down by 32% YoY and 16% MoM respectively.

However, the inflow of Foreign Direct Investment (FDI) into Pakistan plummeted to $81.8 million in November 2022, which can bring back PKR under the spell of depreciation once again.

In FYTD, PKR lost 20.09 rupees or 8.93%, while it plummeted by 48.43 rupees or 21.53% against the USD in CYTD, as per data compiled by Mettis Global.

Meanwhile, the currency lost 44 paisa to the Pound Sterling as the day's closing quote stood at PKR 274.46 per GBP, while the previous session closed at PKR 274.03 per GBP.

Similarly, PKR's value weakened by 14 paisa against EUR which closed at PKR 239.34 at the interbank today.

The overnight repo rate towards the close of the session was 15.85/16.00 percent, whereas the 1-week rate was 15.95/16.05 percent.

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Posted on: 2022-12-19T17:22:16+05:00