The Pakistani rupee (PKR) dropped to another all-time low as it settled the day’s trade at PKR 174.43, following a devaluation of 42 paisa against USD.
The rising global energy prices in addition to inconclusive talks with the IMF have been increasing pressure on the local unit. PKR had closed the trade at PKR 174 per USD in the previous trading session.
Former Treasury Head at Chase Manhattan Asad Rizvi said, “Delay in IMF announcement is not helping. In the absence of SBP, the seasonal tendency of softer PKR has stretched far beyond for too long.”
The local currency traded in a range of 65 paisa per USD showing an intraday high bid of 174.55 and an intraday Low offer of 173.90.
PKR has depreciated by 9.68% or PKR 16.88 during the fiscal year-to-date against the dollar. Similarly, the rupee has debilitated by 8.37% or PKR 14.59 in CY21, with the month-to-date (MTD) position reflecting a decline of 2.16%.
In the Open Market, PKR was traded at 173.30/175.00 per USD.
The rupee dropped 27 paisa against the Pound Sterling as the day’s closing quote stood at PKR 240.47 per GBP compared to the previous session’s closing rate of PKR 240.2 per GBP.
At the interbank trading, the rupee’s value weakened by 96 paisa against EUR as it closed at PKR 203.42.
In terms of the money market, the overnight repo rate towards the close of the session was 7.50/7.70%, while the 1-week rate was 7.40/7.45%.