PKR appreciates by 1.2 rupees over the week

May 07, 2021 (MLN): Persevering with its winning streak, the Pakistani rupee (PKR) climbed by 32 paisa against the US dollar on Friday to close trade at PKR 152.28 per USD, against yesterday's closing of PKR 152.6 per USD.

This is the eighth consecutive successful session for the home unit in which it has enjoyed 1.60 rupees so far.

The rupee traded within a very narrow range of 39 paisa per USD showing an intraday high bid of 152.45 and an intraday Low offer of 152.10.

According to Economist Ali Khizar, the better inflows amid remittances, charity, Roshan Digital Account (RDA) are driving currency appreciation.

‘Issuance of euro bond, growing NPCs and not passing IMF conditions of power tariffs and taxes under new Finance Minister are making bond yields to fall. It is good for speeding economic recovery in stock/real estate markets’, He said via his Twitter handle.

During the week, the currency has gained 1.2 rupees against the greenback, as the previous week was concluded at PKR 153.45 per USD.

Within the Open Market, PKR was traded at 152.00/152.80 per USD.

So far, the local unit has logged by PKR 15.78 or 10.36% gain against the greenback in FY21 while appreciation has been PKR 7.56 or 4.96% in CY21. MTD (month to date) position showed an increase of 0.77%, as per data compiled by Mettis Global.

Meanwhile, the currency gained 28 paisa against the Pound Sterling as the day's closing quote stood at PKR 212.03 per GBP, while the previous session closed at PKR 212.31 per GBP.

On the other hand, PKR's value weakened by 47 paisa against EUR which closed at PKR 183.94 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.2106 billion for 10 days at 7.05 percent.

The overnight repo rate towards the close of the session was 7.05/7.15 percent, whereas the 1-week rate was 7.05/7.15 percent.

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Posted on: 2021-05-07T15:11:00+05:00