PKR appreciates by 1.4 rupees over the week

August 23, 2019 (MLN): Pakistani rupee (PKR) appreciated by 71 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 157.52 per USD, against yesterday's closing of PKR 158.23 per USD.

The rupee saw a volatility free session as very little movement was recorded trading in a range of 69 paisa per USD showing an intraday high bid of 157.85 and an intraday Low offer of 157.25.

During the week, the currency has gained 1.4 rupees against the greenback, as the previous week was concluded at PKR 158.96 per USD. Today's recovery at interbank also marks PKR 6th day on the rise. This is the first time in last 30 sessions that the currency has dipped below 158.

The week's trend has eased Pakistan's external debt burden by Rs.121.4 billion which in dollar terms accounts for a $105.84 billion. Pakistan now owes external avenues a total of Rs.16.67 trillion, down from Rs.16.8 trillion recorded until last week.

Within the Open Market, PKR was traded at 157.50/158.20 per USD.

Alternatively, the currency lost 30 paisa to the Pound Sterling as the day's closing quote stood at PKR 192.46 per GBP, while the previous session closed at PKR 192.16 per GBP.

On the other hand, PKR's value strengthened by 1.2 rupees against EUR which closed at PKR 174.2 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.813.5 billion for 7 days at 13.36 percent.

The overnight repo rate towards close of the session was 12.50/12.75 percent, whereas the 1 week rate was 13.00/13.20 percent.

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