August 10, 2021 (MLN): Pakistani rupee (PKR) inched up by 14 paisa against US Dollar in today's interbank session as the currency closed the day's trade at PKR 163.76 per USD, against yesterday's closing of PKR 163.9 per USD.
Usually, USD is always in demand on Monday due to the weekend, as supply gets short. However, today PKR has opened on a positive note but strong opening of PKR does not necessarily mean that the local unit could make substantial gains, said Asad Rizvi, the former treasury head at Chase Manhattan Bank.
“That will largely depend on supply and demand factor. Nevertheless, the gradual return of stable market condition in coming days will not be a surprise,” he added.
The rupee traded within a very narrow range of 34 paisa per USD showing an intraday high bid of 163.90 and an intraday Low offer of 163.65.
Within the Open Market, PKR was traded at 163.30/164.30 per USD.
According to the data compiled by Mettis Global, the local unit has depreciated by 3.79% and 2.40% in FY22 and CY21, respectively with the month-to-date (MTD) position showing a drop of 0.81%.
Meanwhile, the currency gained 16 paisa against the Pound Sterling as the day's closing quote stood at PKR 226.99 per GBP, while the previous session closed at PKR 227.15 per GBP.
Similarly, PKR's value strengthened by 57 paisa against EUR which closed at PKR 192.15 at the interbank today.
On another note, within the money market, the overnight repo rate towards close of the session was 7.10/7.20 percent, whereas the 1 week rate was 7.08/7.12 percent.
