January 17, 2022 (MLN): Pakistani rupee (PKR) kicked off the week on a positive note against the US dollar, appreciating by 15 paisa in today's interbank session as the currency closed the trade at PKR 175.92.
To note, the greenback traded below PKR 176 on December 1, 2021- closed at PKR 175.47.
On Friday, the local unit had closed at PKR 176.07 per USD.
The dollar demand was capped today as the United States observed Martin Luther King Jr. Day. Therefore, the businesses activities around the country remained closed.
The rupee endured a relatively dull trading session with very little intraday movement, trading in a range of 20 paisa per USD showing an intraday high bid of 175.90 and an intraday low offer of 175.80.
From July’21 to date, the local unit has lost Rs18.37 against the USD. On the other hand, the rupee appreciated by 59 paisa in CY21, with the month-to-date (MTD) position showing an uptick of 0.34%, as per data compiled by Mettis Global.
As per the Exchange Companies Association of Pakistan (ECAP), PKR stayed flat for buying and selling over the day closed at 177 and 178 respectively in the open market.
Meanwhile, the currency gained 1.2 rupees against the Pound Sterling as the day's closing quote stood at PKR 240.67 per GBP, while the previous session closed at PKR 241.85 per GBP.
Similarly, PKR's value strengthened by 94 paisa against EUR which closed at PKR 200.98 at the interbank today.
On another note, within the money market, the overnight repo rate towards the close of the session was 9.50/9.75 percent, whereas the 1-week rate was 9.80/9.90 percent.
