PKR finds stable ground

May 22, 2019 (MLN): Pakistani rupee (PKR) closed today's trading session relatively unchanged against the USD with the rate remaing stable at PKR 151.95.

Alternatively, the currency gained 36 paisa against Pound Sterling as the day's closing quote stood at PKR 192.46 per GBP, while the previous session closed at PKR 192.82 per GBP.

On the other hand, PKR's value weakened by 21 paisa against EUR which closed at PKR 169.61 at the interbank today.

Within the Open Market, PKR was traded at 151.50/153.50 per USD.

On another note, within the money market, the State Bank of Pakistan is scheduled to conduct an MTB Auction today with an auction target of Rs.600 billion against a maturing amount of Rs.500.66 billion.

The central bank has received bids worth Rs.3.3 trillion, out of which only Rs.1.5 billion were for 6 months while no bid bids were made for the 12 month Treasury.

The lack of participation in longer tenors signals the markets view that interest rates will continue to rise in the up coming months.

The overnight repo rate towards close of the session was 10.75/11.00 percent, whereas the 1 week rate was 11.50/12.00 percent.

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