September 16, 2022 (MLN): In the backdrop of dismal macros, political uncertainty, and rising dollar demand, the Pakistani rupee (PKR) has lost 8.7 rupees against the greenback this week, as the previous week was concluded at PKR 228.18 per USD.
Within today’s session, the local unit depreciated by 95 paisa against US Dollar (USD) as the currency closed the day's trade at PKR 236.84 per USD, against yesterday's closing of PKR 235.88 per USD.
During the session, the trades were reported in a band of 1.2 rupees per USD showing an intraday high of 237 and an intraday low offer of 236.17. Meanwhile, in the open market, PKR was traded at 240/242 per USD.
The local unit is enduring pressure on the back of rising dollar demand. Meanwhile, the gloomy macros as a result of historic floods have also dampened sentiments in the interbank market.
Particularly, the inflation will keep on hitting the economy in months to come due to supply chain disruption. Additionally, the dollar demand will increase in the upcoming winter season to meet energy needs.
Alternatively, the currency gained 1.8 rupees against the Pound Sterling as the day's closing quote stood at PKR 270.32 per GBP, while the previous session closed at PKR 272.07 per GBP.
On the other hand, PKR's value weakened by 1.1 rupees against EUR which closed at PKR 236.49 at the interbank today.
In terms of percentage, PKR strengthened against GBP, and CNY by 0.65% and 0.25% respectively in today’s sessions. Against other currencies, the domestic unit has weakened by 0.57%, 0.45%, and 0.40% against JPY, SAR, and AED.
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In FYTD, PKR lost 32 rupees or 13.5%, while it plummeted by 60.32 rupees or 25.47% against the USD in CYTD, as per data compiled by Mettis Global.
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During the last 52 weeks, PKR lost 28.99% against the greenback while reaching its lowest at 239.94 on July 28, 2022, and the highest at 168.19 on September 17, 2021.
Furthermore, the local unit has weakened by 18.07% against EUR when it was highest at 193.75 on March 07, 2022 and lowest at 244.94 on August 01, 2022. While the rupee fell by 15.14% against GBP since its high of 229.4 on September 30, 2021.
On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation in which it injected Rs1.42 trillion for 3 days and 63 days at 15.15%.
The overnight repo rate towards close of the session was 14.70/14.90%, whereas the 1 week rate was 15.15/15.25%.
Copyright Mettis Link News
Posted on:2022-09-16T18:50:59+05:00
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