PKR closes 1.2 rupees stronger at interbank

May 27, 2019 (MLN): Pakistani rupee (PKR) appreciated by 1.2 rupees against US Dollar (USD) at today's interbank session as the currency closed the day's trade at PKR 149.75 per USD, against previous session's closing of PKR 150.92 per USD.

As the month of Ramadan nears end and Eid-ul-Fitr appears around the corner, overseas Pakistanis tend to remit relatively larger sums of foreign currency for the festival which fuels up the supply of greenback in local markets, thus resulting in temporary appreciation of PKR.

Meanwhile, the currency gained 93 paisa against Pound Sterling as the day's closing quote stood at PKR 190.27 per GBP, while the previous session closed at PKR 191.19 per GBP.

Similarly, PKR's value strengthened by 1.2 rupees against EUR which closed at PKR 167.6 at the interbank today.

Within the Open Market, PKR was traded at 149.00/151.00 per USD.

On another note, in the money market, the overnight repo rate towards close of the session was 11.00/11.50 percent, whereas the 1 week rate was 11.50/12.00 percent.

In addition to this, 1 financial institution deposited Rs.8 billion at the central bank today, under a repo facility.

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