February 12, 2021 (MLN): Pakistani rupee (PKR) appreciated by 25 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 158.82 per USD, against yesterday's closing of PKR 159.07 per USD.
The rupee traded within a very narrow range of 19 paisa per USD showing an intraday high bid of 158.94 and an intraday Low offer of 158.78.
During the week, the currency has gained 1.2 rupees against the greenback, as the previous week was concluded at PKR 159.99 per USD.
The local currency has appreciated by almost 5.81% in FY21 so far while it gained 0.64% in CY21.
Within the Open Market, PKR was traded at 158.50/159.10 per USD.
In a tweet, Asad Rizvi, former Country Treasurer of Chase Manhattan Bank said, ‘Rupee is getting resistant around 158.80. It is unlikely to break convincingly as $ has support for reasons. Today Gulf market is closed, so no remittances inflow & on Monday New York is closed due to President Day. Hence there will be no $ inflow on both the days.’
Meanwhile, the currency gained 1 rupee against the Pound Sterling as the day's closing quote stood at PKR 218.92 per GBP, while the previous session closed at PKR 219.93 per GBP.
Similarly, PKR's value strengthened by 56 paisa against EUR which closed at PKR 192.27 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.1360.1 billion for 7 days at 7.04 percent.
The overnight repo rate towards the close of the session was 7.10/7.20 percent, whereas the 1-week rate was 7.00/7.10 percent.
