PKR edges lower by 11 paisa against greenback

November 24, 2022 (MLN): Riding on a downward trail, the Pakistani rupee (PKR) has depreciated further by 11 paisa against the US dollar in today's interbank session as the currency settled the trade at PKR 223.92 per USD compared to the previous closing of PKR 223.81 per USD.

During the session, the rupee traded in a band of 30 paisa per USD showing an intraday high bid of 223.80 and low offer of 223.90 while in the open market, PKR was traded at 228.75/231 per USD.

The local unit is shedding its value on account of wider spreads in the open market and interbank and unavailability for importers, Ahsan Mehanti, CEO of Arif Habib Commodities told Mettis Global.

In FYTD, PKR lost 19.06 rupees or 8.52%, while it plummeted by 47.4 rupees or 21.17% against the USD in CYTD, as per data compiled by Mettis Global.

In addition to it, speculations including Pakistan-IMF talks over the release of the next tranche is subject to fresh conditions has also kept the rupee under pressure, he added.

Meanwhile, the currency lost 4.6 rupees to the Pound Sterling as the day's closing quote stood at PKR 270.68 per GBP, while the previous session closed at PKR 266.06 per GBP.

Similarly, PKR's value weakened by 2.3 rupees against EUR which closed at PKR 233.44 at the interbank today.

On another note, within the money market, the overnight repo rate towards the close of the session was 14.75%/15%, whereas the 1-week rate was 14.95%/15.05%.

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