PKR stays relatively flat against USD

May 03, 2023 (MLN): The Pakistani rupee (PKR) on Wednesday managed to hold its ground against US Dollar (USD) in the interbank session as the currency settled the trade at PKR 283.88 per USD compared to yesterday's closing of PKR 283.92 per USD.

Throughout today’s session, the local unit traded in a band of 40 paisa, showing an intraday high bid of 284 and a low offer of 283.7 while in the open market, PKR was traded at 287/290 per USD.

Alternatively, the currency lost 1.4 rupees to the Pound Sterling as the day's closing quote stood at PKR 355.5 per GBP, while the previous session closed at PKR 354.1 per GBP.

Similarly, PKR's value weakened by 2.1 rupees against EUR which closed at PKR 313.48 at the interbank today.

In FYTD, PKR lost 78.02 rupees or 27.84%, while it plummeted by 57.44 rupees or 20.24% against the USD in CYTD. Within the last seven sessions, the local unit moved down by 0.17%, 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 20.6%/20.8% whereas the 1-week rate was 20.85%/20.95%.

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