May 25, 2023 (MLN): The Pakistani rupee (PKR) made a comeback on Thursday, appreciating by 1.4 rupees against the US dollar in today's interbank session as the currency settled the day's trade at PKR 285.74 per USD compared to yesterday's closing of PKR 287.13 per USD.
Throughout today’s session, the local unit traded in a band of 1.51 rupee, showing an intraday high bid of 287 and a low offer of 285.70 while in the open market, PKR was traded at 306/310 per USD.
This appreciation may be attributed to the latest promises of Finance Minister Ishaq Dar to the business community of Pakistan that the business community will be offered tax relief measures in the upcoming budget.
Upon default noise, he clarified that Pakistan is not going to default which has improved market sentiments.
Meanwhile, the currency gained 3.1 rupees against the Pound Sterling as the day's closing quote stood at PKR 353.66 per GBP, while the previous session closed at PKR 356.78 per GBP.
Similarly, PKR's value strengthened by 2.9 rupees against EUR which closed at PKR 306.65 at the interbank today.
In FYTD, PKR lost 80.89 rupees or 28.31%, while it plummeted by 59.31 rupees or 20.76% against the USD in CYTD. Within the last seven sessions, the local unit moved down by 0.04%, as per data compiled by Mettis Global.
On another note, within the money market, the overnight repo rate towards the close of the session was 21.15/21.25 percent, whereas the 1-week rate was 21.05/21.15 percent.