PKR weakens by 6.5 rupees in a week

May 17, 2019 (MLN): Pakistani rupee (PKR) depreciated by another 1.4 rupees against US Dollar (USD) at today's interbank session as the currency closed the day's trade at PKR 147.88 per USD, against previous session's closing of PKR 146.52 per USD.

During the week, the currency has lost 6.5 rupees against the greenback, as the previous week was concluded at PKR 141.39 per USD. This came about as a result of the recently struck IMF deal, following which a devaluation in local currency was pretty much on the cards.

Meanwhile, the currency lost 93 paisa against Pound Sterling as the day's closing quote stood at PKR 189.08 per GBP, while the previous session closed at PKR 188.15 per GBP.

Similarly, PKR's value weakened by 85 paisa against EUR which closed at PKR 165.29 at the interbank today.

Within the Open Market, PKR was traded at 148.00/149.50 per USD.

Today's depreciation further weighs down Pakistan's external debt burden by Rs.143.61 billion which in dollar terms accounts for a $105.84 billion. Pakistan now owes external avenues a total of Rs.15.65 trillion.

On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation in which it mopped up Rs.1.727 trillion for 6 days at 10.7 percent.

The overnight repo rate towards close of the session was 9.75/10.25 percent, whereas the 1 week rate was 10.40/10.60 percent.

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