PKR rally continues, gains 19 paisa against greenback

April 12, 2021 (MLN): The Pakistani Rupee (PKR) extended its upward trajectory as it appreciated by 19 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 152.75 per USD, against last session's closing of PKR 152.94 per USD.

Today’s domestic unit appreciation has been largely tied to the strong increase in workers’ remittances that surged by 20% MoM and 43% YoY to $2.7 billion in March 2021. Moreover, it is strongly expected that remittances would maintain their growth amid the arrival of Ramazan and Eid season. Commenting on the same, Asad Rizvi said via a Twitter handle, ‘We could be heading for another good month as inflow will be healthy due to holy month of Ramzan.’

The rupee traded within a very narrow range of 37 paisa per USD showing an intraday high bid of 153.10 and an intraday Low offer of 152.78.

Within the Open Market, PKR was traded at 153/153.50 per USD.

According to the data compiled by Mettis Global, PKR, so far, has logged by Rs 15.30 or 10.02% gain against the greenback in FY21 while appreciation has been Rs 7.09 or 4.64% in CY21. MTD (month to date) position showed a marginal increase of 0.01%.

Alternatively, the currency lost 30 paisa to the Pound Sterling as the day's closing quote stood at PKR 209.95 per GBP, while the previous session closed at PKR 209.65 per GBP.

On the other hand, PKR's value strengthened by 24 paisa against EUR which closed at PKR 181.54 at the interbank today.

On another note, within the money market, the overnight repo rate towards the close of the session was 6.60/6.80 percent, whereas the 1-week rate was 6.95/7.00 percent.

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