June 17, 2021 (MLN): The Pakistani Rupee (PKR) on Thursday snapped its three-day losing streak and settled higher by 22 paisa at 156.74 against US Dollar (USD) in an interbank session against yesterday's closing of PKR 156.96 per USD.
The rupee endured a relatively dull trading session with very little intraday movement, trading in a range of 19 paisa per USD showing an intraday high bid of 156.85 and an intraday Low offer of 156.70.
“Entering a crucial phase, rupee slide should start slowing down as it has approached 157 levels. PKR should not go much beyond 158 by June fiscal year-end,” said Asad Rizvi Former Treasury Head Chase Manhattan Bank this morning via his Twitter handle.
Remittance inflows are expected to remain stronger due to the Eidul Azha. However, import is the real cause of worry, he noted.
Within the Open Market, PKR was traded at 157/157.50 per USD.
According to the data compiled by Mettis Global, the home unit has gained 7.21 percent against the greenback fiscal year-to-date while the appreciation has been 1.97 percent in CY21 with a month-to-date position showing a decrease of 1.50 percent.
Meanwhile, the currency gained 2.3 rupees against the Pound Sterling as the day's closing quote stood at PKR 219.07 per GBP, while the previous session closed at PKR 221.42 per GBP.
Similarly, PKR's value strengthened by 3.1 rupees against EUR which closed at PKR 187.3 at the interbank today.
On another note, within the money market, the overnight repo rate towards the close of the session was 7.20/7.30 percent, whereas the 1-week rate was 7.05/7.10 percent.
