PKR weakens by 47 paisa against greenback

June 08, 2021 (MLN): Pakistani rupee (PKR) depreciated by 47 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 155.78 per USD, against yesterday's closing of PKR 155.31 per USD.

The rupee saw a volatility-free session as a very little movement was recorded trading in a range of 70 paisa per USD, showing an intraday high bid of 155.80 and an intraday Low offer of 155.20.

Within the Open Market, PKR was traded at 155.60/156.20 per USD.

“PKR lost some of its gloss due to surge in REER & higher oil prices. Trade figure too was not supportive," Asad Rizvi, the former Country Treasurer of Chase Manhattan Bank said via his Twitter handle.

“Market should understand that 2-3% move is quite normal, which is based on economic factors. More importantly, the home currency will settle around FY end target’, he added.

According to the data compiled by Mettis Global, in FY21, the home unit has strengthened by PKR 12.28 or 7.88% against the greenback so far while it appreciated by around PKR 4.05 or 2.60% in CY21 with MTD (month to date) position showing a decrease of 0.89%.

Meanwhile, the currency lost 98 paisa to the Pound Sterling as the day's closing quote stood at PKR 220.36 per GBP, while the previous session closed at PKR 219.38 per GBP.

Similarly, PKR's value weakened by 87 paisa against EUR which closed at PKR 189.7 at the interbank today.

On another note, within the money market, the overnight repo rate towards the close of the session was 6.75/6.90 percent, whereas the 1-week rate was 6.95/7.05 percent.

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