The Pakistani rupee depreciated another 36 paisa and closed at an all-time low of PKR 170.8 against the greenback.
PKR managed to set the trade at 170.48 per USD in the previous trading session.
The Former Treasury Head at Chase Manhattan Asad Rizvi, tweeted that the domestic currency could adopt a moderately softer tone after a one-sided move seen in the last quarter. PKR is likely to remain choppy in the near term until the official announcement of the meeting with the IMF.
“Pandora Leaks too could lead towards uncertainty until there is more clarity,” he added.
During the session, the Rupee traded in a range of 44 paisa per USD showing an intraday high bid of 170.84 and an intraday Low offer of 170.40.
Within the Open Market, PKR was traded at 171/172.30 per USD.
Data shows that the local unit has depreciated by 7.76% or PKR 13.25 in the fiscal year-to-date against the USD. Similarly, the rupee has weakened by 6.42% or PKR 10.96 in CY21, with the month-to-date (MTD) position showing a decline of 0.08%.
The local currency lost 2 rupees to the Pound Sterling as the day’s closing quote stood at PKR 231.69 per GBP, while the previous session closed at PKR 229.72 per GBP.
In a similar manner, PKR’s value weakened by 1 rupee against EUR which closed at PKR 198.41 at the interbank today.
On another note, within the money market, the overnight repo rate towards the close of the session was 7.30/7.50 percent, whereas the 1-week rate was 7.35/7.40 percent.
Source: Mettis Global