Rupee extends depreciation to third day

August 16, 2019 (MLN): Pakistani rupee (PKR) depreciated by 51 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 158.96 per USD, against last session's closing of PKR 158.45 per USD.

Today's session marks the third day of the currecy's depreciation as it has lost over 70 paisa due to a decline in remittance post Eid.

The rupee traded within a very narrow range of 30 paisa per USD showing an intraday high bid of 159.00 and an intraday Low offer of 158.80.

Within the Open Market, PKR was traded at 158.50/159.70 per USD.

Meanwhile, the currency lost 1.3 rupees to the Pound Sterling as the day's closing quote stood at PKR 193.21 per GBP, while the previous session closed at PKR 191.93 per GBP.

On the other hand, PKR's value strengthened by 1.3 rupees against EUR which closed at PKR 176.19 at the interbank today.

On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation in which it injected Rs.330 billion for 7 days at 13.35 percent.

The overnight repo rate towards close of the session was 13.40/13.50 percent, whereas the 1 week rate was 13.40/13.50 percent.

Copyright Mettis Link News