Mettis Global News
Mettis Global News
Mettis Global News
Mettis Global News

Trending :

PKR bolstered against greenback, gains one rupee

PKR remains stable at 279.11 against USD
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

February 16, 2023 (MLN): As the government is complying with IMF’s conditions, the Pakistani rupee (PKR) in the interbank market continued its gaining momentum. In today’s session, the local unit has appreciated by 1 rupee against the US dollar, closing the trade at PKR 264.38 per USD.

On Wednesday, the domestic currency settled the session at PKR 265.38 per USD in the interbank market.

Throughout the session, the local unit traded in a band of 1.35 rupee, showing an intraday high bid of 265.35 and low offer of 264.50 while in the open market, PKR was traded at 265/268 per USD.

The analyst fraternity is of the view that compliance with IMF conditions has further close the country to the much-needed tranche which will further strengthen the local unit.

The government on Wednesday increased the General Sales Tax (GST) by 1% to 18% while exacerbating the already mounting inflationary pressure, the Oil and Gas Regulatory Authority (OGRA) notified a massive surge in prices by up to 112.3% for domestic users.

Meanwhile, the currency gained 2 rupees against the Pound Sterling as the day's closing quote stood at PKR 318.66 per GBP, while the previous session closed at PKR 320.66 per GBP.

Similarly, PKR's value strengthened by 97 paisa against EUR which closed at PKR 283.23 at the interbank today.

In FYTD, PKR lost 59.53 rupees or 22.52%, while it plummeted by 37.94 rupees or 14.35% against the USD in CYTD. On the other hand, within the last seven sessions, the local unit moved up by 2.32%, as per data compiled by Mettis Global.

On another note, within the money market, the overnight repo rate towards the close of the session was 16%/16.10%, whereas the 1-week rate was 16.35/16.45 percent.

Copyright Mettis Link News

Posted on: 2023-02-16T17:52:34+05:00