PKR weakens by 13 paisa against greenback

June 09, 2023 (MLN): The Pakistani rupee (PKR) depreciated by 13 paisa against the US dollar in today's interbank session as the currency settled the trade at PKR 286.93 per USD, compared to the previous session's closing of PKR 286.81 per USD.

Throughout today’s session, the local unit traded in a band of 35 paisa, showing an intraday high bid of 286.95 and a low offer of 286.7 per USD while in the open market, the dollar was traded at 302/305 per USD.

Meanwhile, the currency lost 2.3 rupees to the Pound Sterling as the day's closing quote stood at PKR 359.98 per GBP, while the previous session closed at PKR 357.73 per GBP.

Similarly, PKR's value weakened by 1.3 rupees against EUR which closed at PKR 308.88 at the interbank today.

In FYTD, PKR lost 82.08 rupees or 28.61%, while it plummeted by 60.50 rupees or 21.09% against the USD in CYTD. Within the last seven sessions, the local unit moved down by 0.44%, as per data compiled by Mettis Global.

On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation (OMO), and Shariah-compliant Mudarabah OMO today, in which it cumulatively injected a total of Rs912.65 billion into the market. 

The overnight repo rate towards the close of the session was 20.25/20.75%, whereas the 1-week rate was 20.75/20.85%.

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