PKR snaps winning streak, loses 54 paisa against USD

April 01, 2021 (MLN): Breaking its long winning streak, the Pakistani Rupee (PKR) depreciated by 54 paisa against US Dollar (USD) on Thursday to settle at PKR 153.3 per USD despite the upbeat data of exports that showed a 13.4% MoM in the month of March 2021.

In the interbank forex market, the domestic unit opened at 152.5/153.5 against the dollar, recording an intraday high bid of 153.27 and an intraday Low offer of 152.75.

The rupee traded within a very narrow range of 57 paisa per USD.

According to the data compiled by Mettis Global, so far, the local currency has gained Rs 14.75 or 9.63% in FY21 while it has been appreciated by Rs 6.54 or 4.27% in CY21.

Meanwhile, the currency lost 85 paisa to the Pound Sterling as the day's closing quote stood at PKR 211.25 per GBP, while the previous session closed at PKR 210.4 per GBP.

Similarly, PKR's value weakened by 48 paisa against EUR which closed at PKR 179.89 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 injected Rs.190 billion for 1 day at 7.11 percent.

The overnight repo rate towards close of the session was 7.20/7.40 percent, whereas the 1 week rate was 7.05/7.08 percent.

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