The Pakistani Rupee dropped by 49 paisa against the US dollar during the interbank session as it closed at PKR 173.96.

The rising commodity prices in the global markets in addition to the current account deficit of $3.4bn during the first quarter of FY22 has led to increasing pressure on the swelling import bill. As a result, PKR has been losing ground with every passing day.

The local unit underwent a highly volatile trading session with quotes recorded in a range of 1.35 rupees per USD reflecting an intraday high bid of 174.10 and an intraday low of 172.75.

PKR was being traded at 173.8/175 per USD in the open market.

The local currency has devalued by 9.44% or PKR 16.41 in the fiscal year-to-date against the greenback. Similarly, the rupee has suffered a loss of 8.12% or PKR 14.12 in CY21, with the month-to-date (MTD) position reflecting a decrease of 1.90%.

In terms of the pound sterling, the local currency dropped 1.2 rupees as it closed the trading session at PKR 240.18 per GBP, in comparison to the previous session during which the rupee closed at PKR 238.96 per GBP.

The local unit’s value deteriorated by 77 paisa against EUR. The rupee closed at PKR 202.49 at the interbank trading.

The State Bank of Pakistan (SBP) carried an Open Market Operation in which the central bank mopped up Rs.70.3 billion for 1 day at 7.2%.

The overnight repo rate was 7.00/7.20% at the close of the session. The 1-week rate was recorded at 7.25/7.40%.

The story was filed by the News Desk.
The Desk can be reached at info@thecorrespondent.com.pk.

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