The Pakistani Rupee (PKR) rupee continued its downward slide and fell by 16 paisas against the greenback to close the trade at PKR 163.92 per USD despite the persisting trend of remittances remained above $2billion for the 14th consecutive month.
On Tuesday, the local unit had closed at PKR 163.76 per USD.
In today’s interbank session as the currency closed the day’s trade at PKR 163.92 per USD, against yesterday’s closing of PKR 163.76 per USD.
The rupee traded within a very narrow range of 33 paisas per USD showing an intraday high bid of 164.18 and an intraday Low offer of 163.93.
Within the Open Market, PKR was traded at 163.80/164.30 per USD.
The local unit has depreciated by 3.89% and 2.49% in FY22 and CY21, respectively with the month-to-date (MTD) position showing a drop of 0.91%, as per data compiled by Mettis Global.
Alternatively, the currency gained 62 paisas against the Pound Sterling as the day’s closing quote stood at PKR 226.38 per GBP, while the previous session closed at PKR 226.99 per GBP.
Similarly, PKR’s value strengthened by 14 paisas against EUR which closed at PKR 192.01 at the interbank today.
On another note, within the money market, the overnight repo rate towards close of the session was 7.20/7.40 percent, whereas the 1 week rate was 7.10/7.15 percent.