January 09, 2023 (MLN): Riding on a downward trail, the Pakistani rupee (PKR) has depreciated by 27 paisa against the US dollar in the interbank session on Monday as the currency settled the trade at PKR 227.41 per USD, compared to the previous session's closing of PKR 227.14 per USD.
Within today’s session, the local unit traded in a band of 25 paisa per USD showing an intraday high bid and low offer of 27.40 while in the open market, PKR was traded at 234.65/236.99 per USD.
Dwindling macros have created enough uncertainty as the foreign exchange reserves have melted to a historic low. Resultantly, the local unit is under pressure.
The noise over the shortage of dollars and fear of default has fueled more chaos.
In order to mitigate the risk of default, the currency dealers have offered to finance imports of up to $50,000 each, Zafar Paracha, President Exchange Companies Association of Pakistan said in a statement.
Most of the LCs ranged between 5000 to 25000 dollars and the clearing of LCs to help product availably and would to eliminate any shortage, he added.
He also said, “We can easily provide 200 to 300 million dollars to help ease forex reserves.”
In FYTD, PKR lost 22.55 rupees or 9.92%, while it plummeted by 0.43% against the USD in the last seven sessions, as per data compiled by Mettis Global.
Meanwhile, the currency lost 6 rupees to the Pound Sterling as the day's closing quote stood at PKR 276.32 per GBP, while the previous session closed at PKR 270.36 per GBP.
Similarly, PKR's value weakened by 3.8 rupees against EUR which closed at PKR 242.93 at the interbank today.
On another note, the overnight repo rate towards the close of the session was 15.15%/15.20%, whereas the 1-week rate was 15.35%/15.45%.
Copyright Mettis Link News
Posted on:2023-01-09T16:52:56+05:00
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