Pakistani rupee (PKR) depreciated by 50 paisa against the US dollar during the interbank session, as the unit closed the trade at PKR 170.51 per USD.
Earlier on Friday, the domestic currency had settled at the closing rate of PKR 170.01 per USD.
PKR traded in a range of 80 paisa per USD reflecting an intraday high bid of 170.70 and an intraday Low offer of 169.90.
Former Treasury Head at Chase Manhattan Asad Rizvi said, “Though the domestic unit gained nearly 3% as the tumultuous week ended with PM relief package & with surprise decisions”.
He added that the price of petroleum products was raised 11 days prior to the scheduled date followed by a spike in electricity, ghee, sugar, and edible oil prices. The market is still looking for direction, Rizvi noted.
Within the Open Market, PKR was traded at 170.50/171.70 per USD.
The local currency depreciated by 7.61% or PKR 12.96 during the fiscal year-to-date against the greenback. Likewise, the rupee has weakened by 6.26% or PKR 10.67 in CY21, with the month-to-date (MTD) position reflecting a drop of 0.67%.
Meanwhile, the rupee plunged by 37 paisa to the Pound Sterling as the day’s closing quote stood at PKR 229.88 per GBP, compared to the previous session’s closing at PKR 229.5 per GBP.
Correspondingly, the rupee’s value weakened by 78 paisa against EUR as it closed at PKR 197.3 during the interbank session.
Meanwhile, within the money market, the overnight repo rate nearing the close of the session was 7.30/7.40 percent, whereas the 1-week rate was 7.40/7.45 percent.
