PKR weakens by 8 paisa against greenback

April 13, 2021 (MLN): Snapping its winning streak against the USD Dollar (USD), Pakistani Rupee (PKR) weakened by 8 paisa to close the day's trade at 152.83, against yesterday's closing of PKR 152.75 per USD on renewed demand for the greenback. 

The rupee endured a relatively dull trading session with very little intraday movement, trading in a range of 30 paisa per USD showing an intraday high bid of 152.90 and an intraday Low offer of 152.70.

Within the Open Market, PKR was traded at 152.70/153.50 per USD.

After pointing to an interbank market opening quote, Asad Rizvi, Former TREASURY Head-CHASE MANHATTAN Bank took to Twitter and said, ‘FX swap points have sharply eased. 1- month lost 15 paisa, 3-months 40 paisa & 6-months from 590 paisa premium is off by 70 paisa. It is because of heavy forward booking, which is why I have been urging Exporters to book their profits.’

So far, the domestic currency has strengthened by Rs 15.22 or 9.96% against the greenback in FY21 while appreciation has been Rs 7.01 or 4.58% in CY21. MTD (month to date) position showed a decrease of 0.05%, as per data compiled by Mettis Global.

Meanwhile, the currency lost 17 paisa to the Pound Sterling as the day's closing quote stood at PKR 210.12 per GBP, while the previous session closed at PKR 209.95 per GBP.

Similarly, PKR's value weakened by 34 paisa against EUR which closed at PKR 181.88 at the interbank today.

On another note, within the money market, the overnight repo rate towards close of the session was 6.20/6.40 percent, whereas the 1 week rate was 6.75/6.90 percent.

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