PKR stays flat at 283.89 per USD

April 19, 2023 (MLN): Despite prevailing uncertainty, the Pakistani rupee (PKR) managed to find stable ground on Wednesday as the currency witnessed no major change from the previous closing and ended the session in the interbank market at PKR 283.89 per USD. 

Throughout today’s session, the local unit traded in a band of 90 paisa, showing an intraday high bid of 284.15 and low offer of 283.40 while in the open market, PKR was traded at 286/289 per USD.

Alternatively, the currency lost 1.5 rupees to the Pound Sterling as the day's closing quote stood at PKR 353.95 per GBP, while the previous session closed at PKR 352.49 per GBP.

Similarly, PKR's value weakened by 28 paisa against EUR which closed at PKR 311.43 at the interbank today.

In FYTD, PKR lost 79.04 rupees or 27.84%, while it plummeted by 57.46 rupees or 20.24% against the USD in CYTD. Within the last seven sessions, the local unit moved up by 0.96%, 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 21.7%/21.9%, whereas the 1-week rate was 21.95%/22.05%.

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