PKR snaps 4-day losing streak, ends 85 paisa higher against USD

June 24, 2021 (MLN): After posting a loss of around 1.79 rupees in the last four sessions, the Pakistani rupee (PKR) on Thursday appreciated by 85 paisa against US Dollar (USD) in an interbank session to settle at PKR 157.68 per USD, against yesterday's closing of PKR 158.53 per USD.

Snapping its losing streak, the rupee opened stronger and recovered 80 paisa against the American dollar in the early trade.

The rupee saw a volatility free session as very little movement was recorded trading in a range of 50 paisa per USD showing an intraday high bid of 158.00 and an intraday Low offer of 157.55.In the open market, PKR was traded at 158/159 per USD.

With a gain of 85 paisa today, the rupee has gained 6.58% or Rs10.37 in the fiscal year-to-date while the appreciation has been 1.37% or Rs2.16 in CY21. Month-to-date (MTD) position showed a decrease of 2.08%,as per the data compiled by Mettis Global.

Meanwhile, the currency gained 93 paisa against the Pound Sterling as the day's closing quote stood at PKR 220.34 per GBP, while the previous session closed at PKR 221.27 per GBP.

Similarly, PKR's value strengthened by 1.1 rupees against EUR which closed at PKR 188.13 at the interbank today.

On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation in which it mopped up Rs.236.6 billion for 7 days at 6.96 percent.

The overnight repo rate towards close of the session was 6.80/7.00 percent, whereas the 1 week rate was 7.00/7.05 percent.

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