April 21, 2022 (MLN): Extending its losing streak, Pakistani rupee (PKR) has further depreciated by 1.05 rupees against US dollar (USD) in today's interbank session as the currency closed the trade at PKR 186.97, compared to yesterday's closing of PKR 185.92 per USD.
The rupee endured a volatile trading session with quotes being recorded in a range of 1.15 rupees per USD showing an intraday high bid of 187.10 and an intraday low offer of 186.25.
This downward journey of PKR is linked to the widening current account deficit, and melting foreign exchange reserves. Meanwhile, the country has to pay notable amount in the last quarter of FY22 which will further put pressure on the local unit.
From July’21 to date, the local unit has lost Rs29.42 against the USD. Similarly, the rupee fell by Rs10.45 in CYTD, with the month-to-date (MTD) position showing a drop of 1.87%, as per data compiled by Mettis Global.
During the last 52 weeks, PKR lost 18.56% against the greenback, reached its lowest at 186.97 today and touched its high of 152.27 on May 7, 2021.
Furthermore, the local unit has weakened by 10.11% since its high on May 5, 2021, against EUR. While, it has dropped by 13.24% against GBP since its high on May 7, 2021.
In addition, the performance of PKR remained bleak against major currencies from month to date as it weakened by 1.90%, 1.87%, 1.38%, and 0.32% against SAR, AED, GBP, and CNY, respectively. On the other hand, the local unit has strengthened by 3.35%, 0.68%, and 0.33% against JPY, CHF and EUR, respectively.
Within the open market, PKR was traded at 186/187.80 per USD.
Meanwhile, the currency lost 2.4 rupees to the Pound Sterling as the day's closing quote stood at PKR 244.4 per GBP, while the previous session closed at PKR 241.97 per GBP.
Similarly, PKR's value weakened by 3 rupees against EUR which closed at PKR 204.08 at the interbank today.
On another note, within the money market, the overnight repo rate towards close of the session was 12.75/13.00 percent, whereas the 1 week rate was 12.15/12.25 percent.
Copyright Mettis Link News
32272
