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May 23, 2022 (MLN): Enduring a freefall, the Pakistani rupee (PKR) has depreciated by 79 paisa against the US dollar in today’s interbank session as the currency settled the trade at PKR 200.93 compared to the previous session’s closing of PKR 200.14 per USD.
During the session, PKR traded in a range of 22.69 rupees per USD showing an intraday high bid of 201 and an intraday low offer of 200.74.
Rising political temperature coupled with economic crisis has strengthened the winning streak of the dollar against PKR. Experts believe that IMF tranche would ease off some pressure from PKR however continuous delay in IMF tranche along with the absence of funds from friendly countries have been creating panic in the market.
At present, Pakistan’s government is in talks with IMF officials for the revival of the $6bn EFF package.
On the other side, IMF raised concerns over the subsidy on petroleum products given by the Pakistani government. Pakistan’s side had agreed to roll back the subsidies however, the relief package is still being provided.
However, on Monday, while talking to journalists, Finance Minister Miftah Ismail said the government would convey to the IMF official that fuel and energy subsidies would not be reversed as the citizen will get difficult to endure this burden.
From July’21 to date, the local unit has lost Rs43.33 against the USD. Similarly, the rupee fell by Rs24.41 in CYTD, with the month-to-date (MTD) position showing a decline of 7.59 %, as per data compiled by Mettis Global.
During the last 52 weeks, PKR lost 23.32% against the greenback, reached its lowest at 200.93 today, and touched its high of 153.69 on May 24, 2021.
Furthermore, the local unit has weakened by 12.33% since its high on July 02, 2021, against EUR while, it has dropped by 13.99% against GBP since its high on May 24, 2021.
In addition, the performance of PKR remained bleak against major currencies in the fiscal year to date as it weakened by 21.60%, 21.58%, 19.08%, 17.47%, 13.71%, 12.11%, and 9.38% against AED, SAR, CNY, CHF, GBP, EUR, and JPY, respectively.
Within the open market, PKR was traded at 200.50/202 per USD.
Meanwhile, the currency lost 2.7 rupees to the Pound Sterling as the day’s closing quote stood at PKR 252.61 per GBP, while the previous session closed at PKR 249.91 per GBP.
Similarly, PKR’s value weakened by 1.4 rupees against EUR which closed at PKR 213.07 at the interbank today.
On another note, within the money market, the overnight repo rate towards the close of the session was 12.3/12.5 percent, whereas the 1-week rate was 12.45/12.55 percent.
Copyright Mettis Link News
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