October 24, 2022 (MLN): In the backdrop of positivity stemming from Pakistan’s exit from FATF’s grey list, the Pakistani rupee (PKR) appreciated by 43 paisa against the US dollar in today's interbank session as the currency settled the trade at PKR 220.41 compared to the previous closing of PKR 220.84 per USD.
During the session, the rupee traded in a band of 80 paisa per USD showing an intraday high bid of 220.80 and low offer of 220.49 while in the open market, PKR was traded at 223.50/225 per USD.
The exit from the unwanted grey list has provided much needed reputational boost to the country in the most crucial times. Thus, it has managed to lessen the uncertainty in the interbank market.
FATF lauded the efforts taken by the authorities in Pakistan and acknowledged their efforts to combat money laundering and terror financing in the country.
Hailing the Financial Action Task Force’s (FATF) decision of Pakistan’s removal from the grey list, the business community is of the view that coming out of the watchdog’s increased monitoring process would boost economic activities and help put the ailing economy back on a sustainable growth path.
The decision would restore the confidence of international financial institutions, help attract foreign direct investment, and promote exports from the country besides improving credit ratings for the country.
Meanwhile, on Friday, the Asian Development Bank (ADB) approved the loan of $1.5 billion to promote social protection in Pakistan, which has also created much-needed stability in the market.
In FYTD, PKR lost 15.56 rupees or 7.06%, while it plummeted by 43.89 rupees or 19.91% against the USD in CYTD, as per data compiled by Mettis Global.
Alternatively, the currency lost 2.5 rupees to the Pound Sterling as the day's closing quote stood at PKR 249.57 per GBP, while the previous session closed at PKR 247.05 per GBP.
Similarly, PKR's value weakened by 53 paisa against EUR which closed at PKR 216.77 at the interbank today.
On another note, within the money market, the overnight repo rate towards the close of the session was 14.60/14.90%, whereas the 1-week rate was 15.15/15.25%.
Copyright Mettis Link News
Posted on: 2022-10-24T16:43:22+05:00
News Id :35587
