September 19, 2022 (MLN): Pakistani rupee (PKR) depreciated by 1.1 rupees against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 237.91 per USD, against last session's closing of PKR 236.84 per USD.
During the session, the rupee traded in a range of 1.1 rupees per USD, showing an intraday high bid of 238 and an intraday Low offer of 236.9.
Within the Open Market, PKR was traded at 243/246 per USD.
Wajid Rizvi head of research at Intermarket securities stated that the real effective exchange rate of the rupee against the dollar was 92 to 97 which we use to trade on, but when the dollar increased its value, the rupees jumped up to 237.
The demand for the dollar has increased over the months globally which is affecting the weak economy like Pakistan, he said.
He further said that banks are having difficulty in swap handling of dollar towards the SBP.
“Bank can never bear a loss for the dollar it lends to SBP, so to prevent such measures many banks are trying to stay out from the loss of the interest rate.”
Government should cut off unethically imports of goods in order to strengthen the rupee and should work more effectively on the flood crisis and provide compensation for the damages that were done by it.
Meanwhile, the currency lost 52 paisa to the Pound Sterling as the day's closing quote stood at PKR 270.84 per GBP, while the previous session closed at PKR 270.32 per GBP.
Similarly, PKR's value weakened by 87 paisa against EUR which closed at PKR 237.36 at the interbank today.
The overnight repo rate towards close of the session was 15.00/15.10 percent, whereas the 1-week rate was 15.15/15.25 percent.
In FYTD, PKR lost 33 rupees or 13.9%, while it plummeted by 61.4 rupees or 25.8% against the USD in CYTD, as per data compiled by Mettis Global.
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During the last 52 weeks, PKR lost 29.17% against the greenback while reaching its lowest at 239.94 on July 28, 2022, and the highest at 168.5 on September 21, 2021.
Furthermore, the local unit has weakened by 18.37% against EUR when it was highest at 193.75 on March 07, 2022, and lowest at 244.94 on August 01, 2022. While the rupee fell by 15.3% against GBP since its high of 229.398 on September 30, 2021.
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In MTD, the local unit has weakened by 8.05%, 8.86%, 8.05%, 8.02%, 7.88%, 6.48%, 5.92%, and 4.89% against USD, CHF, AED, SAR, EUR, CNY, GBP, and JPY respectively.
Copyright Mettis Link News
Posted on:2022-09-19T18:30:12+05:00
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