September 06, 2022 (MLN): Riding on the downward trail, the Pakistani rupee (PKR) depreciated by 1.6 rupees against the US dollar in today's interbank session as the currency settled the trade at PKR 221.42 compared to the previous closing of PKR 219.86 per USD.
During the session, the rupee traded in a range of 2.35 rupees per USD showing an intraday high bid of 221.75 and an intraday low offer of 220.40 while in the open market, PKR was traded at 231/233 per USD.
Against the backdrop of increasing imports of vegetables, the demand for dollars in the interbank market is increasing which has ultimately pressed the value of the local unit.
Due to massive crop destruction amid recent floods, the federal government has exempted the sales tax on the import of onion and tomatoes till December 31, 2022. As per media reports, the import of both items has increased significantly after this development.
Market experts are of the view that uncertainty on the political front and delay in inflows from friendly countries have put immense pressure on the local unit.
Meanwhile, the currency lost 4.3 rupees to the Pound Sterling as the day's closing quote stood at PKR 256.53 per GBP or 1.67%, while the previous session closed at PKR 252.24 per GBP. Similarly, PKR's value weakened by 3 rupees against EUR which closed at PKR 220.9 or 1.38% at the interbank today.
The value of domestic unit has also deteriorated by 1.11%, 0.72%, 0.70%, 0.69%, and 0.01%, against CHF, SAR, AED, CNY, and JPY, respectively.
In FYTD, PKR lost 16.57 rupees or 7.49%, while it plummeted by 44.9 rupees or 20.28% against the USD in CYTD, as per data compiled by Mettis Global.
During the last 52 weeks, PKR lost 24.47% against the greenback while reaching its lowest at 239.94 on July 28, 2022, and the highest at 167.25 on September 08, 2021.
Furthermore, the local unit has weakened by 12.29% against EUR when it was highest on March 07, 22, while the rupee fell by 10.58% against GBP since its high on September 30, 2021.
On another note, within the money market, the overnight repo rate towards the close of the session was 14.75%/15.10%, whereas the 1-week rate was 14.90%/15%.
Copyright Mettis Link News
Posted on:2022-09-06T17:02:49+05:00
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