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Rupee depreciates by 20 paisa against greenback

Rupee depreciates by 20 paisa against greenback
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December 06, 2022 (MLN): Pakistani rupee has depreciated by 20 paisa against the US Dollar in today's interbank session as the currency settled the day's trade at PKR 224.11 per USD, compared to the previous session closing of PKR 223.91 per USD.

During the session, the rupee traded in a band of 35 paisa per USD showing an intraday high bid of 224 and low offer of 223.90 while in the open market, PKR was traded at 228.75/231 per USD.

The current pressure on PKR is attributed to delays in PAK-IMF talks, falling FX reserves, and the weak economic outlook of the country.

Despite Pakistan repaying $1bn against Sukuk bonds three days ahead of maturity, and Saudi Arabia extending the maturity of a $3bn deposit, the currency declined on weak macro factors.

In FYTD, PKR lost 19.26 rupees or 8.59%, while it plummeted by 47.59 rupees or 21.24% against the USD in CYTD, as per data compiled by Mettis Global.

Alternatively, the currency gained 1.1 rupees against the Pound Sterling as the day's closing quote stood at PKR 273.52 per GBP, while the previous session closed at PKR 274.65 per GBP.

Similarly, PKR's value strengthened by 96 paisa against EUR which closed at PKR 235.13 at the interbank today.

On another note, within the money market, the overnight repo rate towards close of the session was 15.10/15.40 percent, whereas the 1 week rate was 15.75/15.85 percent.

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Posted on: 2022-12-06T16:33:26+05:00