PKR appreciates by 3.1 rupees over the week

July 05, 2019 (MLN): Pakistani rupee (PKR) depreciated by 36 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 156.93 per USD, against yesterday's closing of PKR 156.57 per USD.

The Rupee saw moderate volatility in today’s session and traded in a range of 1.00 rupees per USD showing an intraday high bid of 157.50 and an intraday Low offer of 156.60.

During the week, the currency has gained 3.1 rupees against the greenback, as the previous week was concluded at PKR 160.05 per USD.

Alternatively, the currency gained 2.5 rupees against the Pound Sterling as the day's closing quote stood at PKR 197.03 per GBP, while the previous session closed at PKR 196.89 per GBP.

On the other hand, PKR's value weakened by 1 paisa against EUR which closed at PKR 176.7 at the interbank today.

Within the Open Market, PKR was traded at 157/160 per USD.

This round of depreciation further weighs down Pakistan's external debt burden by Rs.38.1 billion which in dollar terms accounts for a $105.84 billion. Pakistan now owes external avenues a total of Rs.16.61 trillion.

On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation in which it injected Rs.85 billion for 7 days at 12.34 percent.

The overnight repo rate towards close of the session was 12.00/12.20 percent, whereas the 1 week rate was 12.30/12.35 percent.

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