PKR ends July 45 paisa stronger

July 31, 2019 (MLN): Marking its third consecutive appreciation today, Pakistani rupee (PKR) strengthened by 46 paisa against US Dollar (USD) in today's interbank session as the currency closed the month of July at PKR 159.6 per USD, against yesterday's closing of PKR 160.05 per USD.

This is the first time in the last 10 sessions that USD has been traded below PKR 160 and the first time since the beginning of the month that PKR has consecutively appreciated for more than a day.

The currency's movement against dollar remained fairly dull throughout most of the month with rare spells of noticeable changes. It depreciated through most of the month, however compared to June, it has marked a net appreciation of 45 paisa against greenback.

The rupee traded within a very narrow range of 34 paisa per USD today, thus showing an intraday high bid of 159.84 and an intraday Low offer of 159.60.

Within the Open Market, PKR was traded at 159.00/160.60 per USD.

Meanwhile, the currency gained 66 paisa against the Pound Sterling as the day's closing quote stood at PKR 194.14 per GBP, while the previous session closed at PKR 194.79 per GBP.

Similarly, PKR's value strengthened by 43 paisa against EUR which closed at PKR 177.88 at the interbank today.

On another note, within the money market, the overnight repo rate towards close of the session was 13.00/13.25 percent, whereas the 1 week rate was 13.15/13.30 percent.

Copyright Mettis Link News