PKR stays flat at 181.73/USD

March 24, 2022 (MLN): After enduring a free fall for a week, the Pakistani rupee (PKR) has taken a breather as the currency closed today's trading session relatively unchanged at PKR 181.73 per US dollar.

The rupee in a range of 10 paisa per USD, witnessing an intraday high bid of 181.75 and an intraday low offer of 181.71.

Within the open market, PKR was traded at 181.70/182.70 per USD.

This political tussle between Premiere and opposition is being reflected in macroeconomic instability particularly the local currency has faced enough brunt of political upheaval. By now, the Pakistani rupee (PKR) has crossed the phycological level of PKR181 per USD and currently hovering near 182.

From July’21 to date, the local unit has lost Rs24.18 against the USD. Similarly, the rupee fell by PKR5.21 in CY22, with the month-to-date (MTD) position showing a decline of 2.34%, as per data compiled by Mettis Global.

Meanwhile, the currency lost 38 paisa to the Pound Sterling as the day's closing quote stood at PKR 239.53 per GBP, while the previous session closed at PKR 239.15 per GBP.

On the other hand, PKR's value strengthened by 31 paisa against EUR which closed at PKR 199.43 at the interbank today.

On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation (OMO) in which it injected Rs442 billion into the market for 8 days at 9.76 percent.

The overnight repo rate towards the close of the session was 10.25/10.50 percent, whereas the 1-week rate was 10.15/10.25 percent.

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