PKR stays flat at 176.68/USD

January 10, 2022 (MLN): Pakistani rupee (PKR) successfully managed to hold its ground against the greenback in today's interbank market session as the currency closed the trade at 176.68 per US dollar.

The rupee traded within the narrow trading session with quotes being recorded in a range of 15 paisa per USD showing an intraday high bid of 176.75 and an intraday low offer of 176.60.

From July’21 to date, the local unit has lost Rs19.13 against the USD. Similarly, the rupee fell by 16 paisa in CY22, while the month-to-date (MTD) position, observed a decline of 0.09%, as per data compiled by Mettis Global.

On the IMF front, Asad Rizvi, the former Treasury Head at Chase Manhattan noted that news appearing in the press about a change of mission leader in Pakistan and removal of Pakistan’s agenda from the IMF Executive Board calendar needs official clarification. It may not help and the possibility is that the Financial market would react negatively. 

As per the Exchange Companies Association of Pakistan (ECAP), PKR gained 50 paisa for buying while the selling rates remained the same over the day to close at 178.50 and 179.50 respectively in the open market.

Meanwhile, the currency lost 1 rupee to the Pound Sterling as the day's closing quote stood at PKR 240.12 per GBP, while the previous session closed at PKR 239.11 per GBP.

Similarly, PKR's value weakened by 55 paisa against EUR which closed at PKR 200.29 at the interbank today.

On another note, within the money market, the overnight repo rate towards the close of the session was 10.10/10.50 percent, whereas the 1-week rate was 9.90/10.00 percent.

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