PKR appreciates steadily

August 01, 2019 (MLN): Pakistani rupee (PKR) further appreciated by 18 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 159.42 per USD, against yesterday's closing of PKR 159.6 per USD.

The steady appreciation in local currency continues as Eid-ul-Azha rounds the corner and Pakistanis residing overseas remit more than usual for purchase of sacrificial animals and the festival on the whole. Resultantly, the supply of dollars has increased and brought down its value alongside. In the last four sessions put together, PKR has appreciated by nearly 1.2 rupees per dollar.

The rupee endured a relatively dull trading session today with very little intraday movement, trading in a range of 34 paisa per USD showing an intraday high bid of 159.60 and an intraday Low offer of 159.35.

Within the Open Market, PKR was traded at 158.80/160.20 per USD.

Meanwhile, the currency gained 92 paisa against the Pound Sterling as the day's closing quote stood at PKR 193.22 per GBP, while the previous session closed at PKR 194.14 per GBP.

Similarly, PKR's value strengthened by 1.8 rupees against EUR which closed at PKR 176.1 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.262.15 billion for 8 days at 13.35 percent.

The overnight repo rate towards close of the session was 13.25/13.35 percent, whereas the 1 week rate was 13.25/13.40 percent.

Copyright Mettis Link News