Dollar closes below Rs 161

October 27, 2020 (MLN): In a day marked by optimism in interbank market, the US dollar closed below Rs 161 on Tuesday. This has been the lowest USD rate since May 20, 2020 when it was Rs 160.7701.

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 160.91 per USD, against yesterday's closing of PKR 161.05 per USD.

The rupee saw a volatility free session as very little movement was recorded trading in a range of 41 paisa per USD showing an intraday high bid of 161.17 and an intraday Low offer of 160.85.

Within the Open Market, PKR was traded at 160.70/161.50 per USD.

Meanwhile, the currency gained 30 paisa against the Pound Sterling as the day's closing quote stood at PKR 209.25 per GBP, while the previous session closed at PKR 209.55 per GBP.

Similarly, PKR's value strengthened by 57 paisa against EUR which closed at PKR 189.88 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.45 billion for 6 days at 7.1 percent.

The overnight repo rate towards close of the session was 7.25/7.50 percent, whereas the 1 week rate was 7.05/7.10 percent.

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