PKR weakens by 2.4 rupees against USD over the week

July 23, 2021 (MLN): Pakistani rupee (PKR) on Friday slid by 84 paisa against greenback, continuing its downward journey amid strengthening dollar in interbank market as the currency closed the day's trade at PKR 162.32 per USD.

In the previous session, the local unit had closed at PKR 161.48 per USD.

The Rupee saw moderate volatility in today’s session and traded in a range of 1.35 rupees per USD showing an intraday high bid of 162.50 and an intraday low offer of 161.25.

During the week, the currency has lost 2.4 rupees against the greenback, as the previous week was concluded at PKR 159.94 per USD.

Within the Open Market, PKR was traded at 162/163 per USD.

According to the data compiled by Mettis Global, the rupee has depreciated by 2.95% or PKR 4.78 in the fiscal year-to-date against USD. Similarly, the home unit has weakened by 1.53% or PKR 2.49 in CY21 with the month-to-date (MTD) position showing a decline of 2.95%.

Meanwhile, the currency lost 1.3 rupees to the Pound Sterling as the day's closing quote stood at PKR 222.9 per GBP, while the previous session closed at PKR 221.6 per GBP.

Similarly, PKR's value weakened by 93 paisa against EUR which closed at PKR 191.21 at the interbank today.

On another note, within the money market, the overnight repo rate towards close of the session was 7.20/7.30 percent, whereas the 1 week rate was 7.05/7.12 percent.

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Posted on: 2021-07-23T17:51:00+05:00