April 13, 2023 (MLN): Maintaining the gaining momentum on the hopes of the IMF tranche, the Pakistani rupee (PKR) appreciated by 1.7 rupees against the US dollar in today's interbank session as the currency settled the trade at PKR 284.91 per USD, against yesterday's close of PKR 286.62 per USD.
Throughout today’s session, the local unit traded in a band of 2.59 rupees, showing an intraday high bid of 286.59 and low offer of 285 while in the open market, PKR was traded at 288/292.5 per USD.
The market welcomed the outcome of Finance Minister Ishaq Dar's meeting IMF delegation during the IMF/World Bank Spring meetings wherein Mr. Jihad Azour Director of IMF, Middle East and Central Asia Department (MCD) said that the Staff Level Agreement (SLA) will be signed soon followed by the International Monetary Fund (IMF) Board’s approval.
He hoped that Pakistan would continue towards its progress on the reforms in various sectors and complete the IMF Programme in time and IMF will play a positive role in bringing economic stability to Pakistan.
Alternatively, the currency lost 14 paisa to the Pound Sterling as the day's closing quote stood at PKR 356.09 per GBP, while the previous session closed at PKR 355.95 per GBP.
Similarly, PKR's value weakened by 33 paisa against EUR which closed at PKR 313.34 at the interbank today.
In FYTD, PKR lost 80.06 rupees or 28.10%, while it plummeted by 58.47 rupees or 20.52% against the USD in CYTD. Within the last seven sessions, the local unit moved down by 0.17%, as per data compiled by Mettis Global.
On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation (OMO) today, in which it injected a total of Rs361.5 billion into the market for 1-day tenor at the rate of 21.20%.
The overnight repo rate towards the close of the session was 21.75%/21.9%, whereas the 1-week rate was 21.25%/21.35%.
Copyright Mettis Link News
Posted on: 2023-04-13T15:08:08+05:00
