PKR appreciates by 7 paisa at interbank trade

February 02, 2021 (MLN): Pakistani rupee (PKR) appreciated by 7 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 160.16 per USD, against yesterday's closing of PKR 160.22 per USD.

The rupee traded within a very narrow range of 9 paisa per USD showing an intraday high bid of 160.22 and an intraday Low offer of 160.16.

Within the Open Market, PKR was traded at 160/160.60 per USD.

In a tweet posted on his social media page, Asad Rizvi, the former Country Treasurer of Chase Manhattan Bank said, ‘Rupee remained stable around 160 levels, trading in nearly 50 paisa band for almost a month. It could start gaining strength in the coming days. The probability has increased after the continuation of supportive ECONOMIC NUMBERS. However, I recommend keeping a close eye on REER.’

Meanwhile, the currency gained 66 paisa against the Pound Sterling as the day's closing quote stood at PKR 219.36 per GBP, while the previous session closed at PKR 220.02 per GBP.

Similarly, PKR's value strengthened by 61 paisa against EUR which closed at PKR 193.45 at the interbank today.

On another note, within the money market, the overnight repo rate towards the close of the session was 6.25/6.50 percent, whereas the 1-week rate was 6.70/6.90 percent.

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