The Pakistani Rupee (PKR) continued its upward trajectory as it closed the trade at 170.54 per US dollar compared to PKR 171.29 during the previous trading session.
The local unit appreciated 75 paisa during the interbank session. The currency saw volatility at the start of the session as it traded in a range of 1.5 rupees per USD showing an intraday high bid of 171.50 and an intraday Low offer of 170.00.
In the wake of positive developments, the local unit started to gain its lost ground in the interbank market. Former Treasury Head-Chase Manhattan Bank Asad Rizvi took to Twitter and wrote, “Saudi facility to Pakistan was provided from its Special Drawing Rights (SDR) allocated funds. Its quota was increased to 9577.5mn & is allowed to lend excess funds. This means the facility is conditional that may need a few more adjustments. PKR will stabilize while the rate hike is on cards.”
Within the Open Market, PKR was traded at 169.50/172.00 per USD.
The local currency depreciated by 7.62% or PKR 12.99 during the fiscal year-to-date against the greenback. Along similar lines, the rupee has weakened by 6.28% or PKR 10.7 in CY21, with the month-to-date (MTD) position reflecting a decline of 0.65%.
PKR gained 1.2 rupees against the Pound Sterling as the day’s closing quote touched PKR 232.63 per GBP, compared to PKR 233.84 per GBP in the previous session.
Rupee’s value improved by 38 paisa against EUR which closed at PKR 197.78 at the interbank.
Within the money market, the overnight repo rate towards the close of the session was 7.50/7.60%, whereas the 1 week rate was 7.40/7.45%.
