February 09, 2023 (MLN): Since Pakistan and the IMF talks entered the final round, the Pakistani rupee (PKR) on Thursday appreciated by 2.8 rupees against the US dollar in the interbank session as the currency settled the trade at PKR 270.51 per USD, compared to yesterday's close of PKR 273.33 per USD.
Within today’s session, the local unit traded in a band of 5 rupees, showing an intraday high bid of 272 and low offer of 269 while in the open market, PKR was traded at 267/271 per USD.
During the last four sessions, PKR gained 9 rupees against the greenback in the open market.
The optimism in both interbank and open markets is attributed to the optimism created on the IMF front as today is the last round of Pakistan-IMF talks and the government is hopeful to give good news to the nation regarding the IMF deal, Federal Minister for Finance and Revenue Senator Ishaq Dar said on Thursday during the media talk.
Earlier on Wednesday, Prime Minister Shehbaz Shareef assured the IMF delegation of the complete implementation of the program and progress towards goals.
The government is working hard to reach an agreement with the IMF while minimizing the burden on the common people. To achieve this, the government has already received approval from the Prime Minister on the decisions made during the negotiations with the IMF, Minister of State for Finance, Ayesha Ghaus Pasha said.
Meanwhile, the currency gained 3.4 rupees against the Pound Sterling as the day's closing quote stood at PKR 327.2 per GBP, while the previous session closed at PKR 330.62 per GBP.
Similarly, PKR's value strengthened by 3.5 rupees against EUR which closed at PKR 290.42 at the interbank today.
In FYTD, PKR lost 65.65 rupees or 24.27%, while it plummeted by 44 rupees or 16.29% against the USD in CYTD. On the other hand, within the last seven sessions, the local unit moved up by 0.31%, 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 16.20/16.25%, whereas the 1-week rate was 16.65/16.75%.
Copyright Mettis Link News
Posted on: 2023-02-09T16:35:19+05:00
