PKR appreciates by 42 paisa over the week

April 30, 2021 (MLN): Rising for the third straight session, the Pakistani rupee (PKR) on Friday appreciated by 17 paisa to close the trade at 153.45 against the US dollar (USD) against yesterday's closing of PKR 153.62 per USD.

At the interbank forex market, the domestic unit traded within a very narrow range of 75 paisa per USD and witnessed an intra-day high of 154.05 and a low of 153.40.

During the week, the currency has gained 42 paisa against the greenback, as the previous week was concluded at PKR 153.87 per USD.

Within the Open Market, PKR was traded at 153.50/154.50 per USD.

In FYTD, the local unit, so far, has gained PKR 14.59 or 9.51% while the appreciation has been PKR 6.38 or 4.16% against USD in CY21 with an MTD depreciation of 0.45%, as per data compiled by Mettis Global.

Meanwhile, the currency gained 55 paisa against the Pound Sterling as the day's closing quote stood at PKR 213.95 per GBP, while the previous session closed at PKR 214.5 per GBP.

Similarly, PKR's value strengthened by 35 paisa against EUR which closed at PKR 185.85 at the interbank today.

On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation in which it injected Rs.1622.8 billion for 7 days at 7.05 percent.

The overnight repo rate towards the close of the session was 7.10/7.20 percent, whereas the 1-week rate was 7.05/7.10 percent.

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