US dollar slips 30 paisa against PKR to 157.50 in open market
In interbank market, greenback depreciated by 7 paisa against Pakistani rupee to close at Rs157.22
KARACHI (Dunya News) – The US dollar lose its strength against the Pakistani rupee as it slipped by 30 paisa in the open market and closed at Rs157.50 on Thursday.
In the interbank market, the greenback depreciated by 7 paisa against Pakistani rupee to close at Rs157.22.
On Wednesday, Pakistani rupee (PKR) closed trading session relatively unchanged against the USD with the rate remaing stable at PKR 157.29
The rupee endured a relatively dull trading session with very little intraday movement, trading in a range of 37 paisa per USD showing an intraday high bid of 157.57 and an intraday Low offer of 157.25.
Within the Open Market, PKR was traded at 157.00/158.00 per USD.
Alternatively, the currency gained 69 paisa against the Pound Sterling as the day s closing quote stood at PKR 192.02 per GBP, while the previous session closed at PKR 192.71 per GBP.
Similarly, PKR s value strengthened by 32 paisa against EUR which closed at PKR 174.42 at the interbank today.
On another note, within the money market, the overnight repo rate towards close of the session was 12.00/12.50 percent, whereas the 1 week rate was 13.00/13.25 percent.
In previous weeks, the rupee was observed to cumulatively depreciate against the greenback.
The SBP had let the rupee depreciate significantly in the inter-bank market after finalising an agreement with the International Monetary Fund (IMF) for a loan programme on May 12.
The IMF has asked Pakistan to end state control of the rupee and let the currency move freely to find its equilibrium against the US dollar.
On the other hand, the World Bank Group has also supported the idea of leaving the rupee free from state control in an attempt to give much-needed boost to exports and fix a faltering economy.
The local currency depreciated massively despite receiving the first tranche of $991.4 million from the International Monetary Fund (IMF).
The stringent conditions – on which the global moneylender has formally approved the bailout package of $6 billion for Pakistan – seem to have exerted more pressure on the local currency.
