PKR weakens by 16 pasia against USD

October 06, 2021 (MLN): Hitting its all-time new low, the Pakistani rupee (PKR) fell by 16 paisa against US Dollar in today's interbank session as the currency closed the trade at PKR 170.96, against yesterday's closing of PKR 170.8 per USD.

The rupee endured a relatively dull trading session with very little intraday movement, trading in a range of 35 paisa per USD showing an intraday high bid of 171.05 and an intraday Low offer of 170.70.

The underperformed currency is continuously losing its momentum in the interbank market amid internal and external factors.

An Economist, Ali Khizar tweeted, “The value of Bangladesh Taka is twice as of PKR. It used to be half of PKR in 80s. The journey from half to twice tells about the priorities of two countries which used to be one.”

Within the Open Market, PKR was traded at 171/172 per USD.

As per the data compiled by Mettis Global, the local unit has depreciated by 7.85% or PKR 13.41 in the fiscal year-to-date against the USD. Similarly, the rupee has weakened by 6.51% or PKR 11.12 in CY21, with the month-to-date (MTD) position showing a decline of 0.18%.

Alternatively, the currency gained 52 paisa against the Pound Sterling as the day's closing quote stood at PKR 231.93 per GBP, while the previous session closed at PKR 232.45 per GBP.

Similarly, PKR's value strengthened by 35 paisa against EUR which closed at PKR 197.68 at the interbank today.

On another note, within the money market, the overnight repo rate towards close of the session was 7.10/7.40 percent, whereas the 1 week rate was 7.25/7.40 percent.

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