PKR strengthens by 46 paisa against greenback

March 24, 2021 (MLN): Pakistani rupee (PKR) appreciated by 46 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 155.39 per USD, against last session's closing of PKR 155.85 per USD.

The rupee traded within a very narrow range of 50 paisa per USD showing an intraday high bid of 155.80 and an intraday Low offer of 155.35.

Within the Open Market, PKR was traded at 155.50/156.30 per USD.

Commenting on SBP’s Monetary Policy Statement (MPS), Asad Rizvi, Former TREASURY Head-CHASE MANHATTAN Bank said on his Twitter handle, ‘MPS avoided talking steep rise of BOND yield that increases DEBT, but SBP cautioned with its near-term plan. Dealers could try to find out where the pain threshold for the SBP lies ahead. But SELLERS should be aware that they may be caught on the wrong foot.’

During FY21, the local unit has so far strengthened by Rs 12.66 or 8.14% against the greenback while in CY21, the appreciation has been Rs 4.34 or 2.56% with the rupee gaining 1.74% MTD.

Meanwhile, the currency gained 3.1 rupees against the Pound Sterling as the day's closing quote stood at PKR 213.05 per GBP, while the previous session closed at PKR 216.14 per GBP.

Similarly, PKR's value strengthened by 1.7 rupees against EUR which closed at PKR 183.82 at the interbank today.

On another note, within the money market, the overnight repo rate towards close of the session was 6.90/7.00 percent, whereas the 1 week rate was 7.00/7.05 percent.

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