PKR appreciates by 91 paisa against USD

April 12, 2022 (MLN): Maintaining its gaining spree, the Pakistan rupee (PKR) has further appreciated by 91 paisa against the US dollar in today’s interbank session as the currency closed the trade at 182.02 per USD in the interbank market on Monday.

In the previous session, the local unit had closed at 182.93 per USD after witnessing a notable gain of 1.8 rupees. 

During the session, the rupee traded in a range of 1.75 rupees per USD showing an intraday high bid of 182.95 and an intraday low offer of 181.30.

This continuous recovery of domestic currency is primarily linked to the clarity on the political landscape after the ouster of Imran Khan from the premiership in a no-confidence vote by the parliament massive monetary tightening by the central bank to counter the external shocks and inflationary pressures supported the rupee from further fall.

From July’21 to date, the local unit has lost Rs24.47 against the USD. Similarly, the rupee fell by Rs5.5 in CYTD, with the month-to-date (MTD) position showing a decline of 0.80%, as per data compiled by Mettis Global.

During the last 52 weeks, PKR lost 16.34% against the greenback, reached its lowest at 186.13 today and touched its high of 152.27 on May 7, 2021.

Furthermore, the local unit has weakened by 8.06% since its high on April 13, 2021, against EUR while, it has dropped by 11.35% against GBP since its high on April 16, 2021.

In addition, the performance of PKR remained satisfactory against major currencies during the last seven sessions as it appreciated by 3.94%, 2.82%, 2.70%, 2.66%, 1.85%, 1.76%, and 1.73% against JPY, EUR, CHF, GBP, CNY, AED, and SAR, respectively.

Within the open market, PKR was traded at 182.50/185 per USD.

Meanwhile, the currency gained 1.3 rupees against the Pound Sterling as the day's closing quote stood at PKR 236.84 per GBP, while the previous session closed at PKR 238.12 per GBP.

Similarly, PKR's value strengthened by 1.7 rupees against EUR which closed at PKR 197.82 at the interbank today.

On another note, within the money market, the overnight repo rate towards the close of the session was 13.00/13.20 percent, whereas the 1-week rate was 12.30/12.40 percent.

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