PKR strengthens by 14 paisa against greenback

March 15, 2021 (MLN): Pakistani rupee (PKR) appreciated by 14 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 157 per USD, against last session's closing of PKR 157.14 per USD.

The rupee traded within a very narrow range of 15 paisa per USD showing an intraday high bid of 157.09 and an intraday Low offer of 156.97.

Within the Open Market, PKR was traded at 156.80/157.30 per USD.

Asad Rizvi, the former Country Treasurer of Chase Manhattan, expects the Rupee will open on a firm note tomorrow. Giving his rationale on Twitter he said, “Value tomorrow was trading at 156.88/90. Unless banks are selling late inflow of Dollars or offloading excess funds in the second half. It is a clear hint that tomorrow Rupee will open with a firm tone.”

Meanwhile, the currency gained 24 paisa against the Pound Sterling as the day's closing quote stood at PKR 218.84 per GBP, while the previous session closed at PKR 219.08 per GBP.

Similarly, PKR's value strengthened by 26 paisa against EUR which closed at PKR 187.31 at the interbank today.

On another note, within the money market, the overnight repo rate towards close of the session was 7.05/7.10 percent, whereas the 1 week rate was 7.05/7.10 percent.

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