PKR gains 1 rupee against dollar

July 04, 2019 (MLN): Following the International Monetary Fund (IMF)’s approval on a $6 billion Extended Fund Facility (EFF) for Pakistan, the Pakistani rupee (PKR) appreciated by 1 rupee against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 156.57 per USD, against yesterday's closing of PKR 157.61 per USD.

The rupee endured a highly volatile trading session with quotes being recorded in a range of 1.60 rupees per USD showing an intraday high bid of 157.10 and an intraday Low offer of 156.10.

Meanwhile, PKR gained 2.5 rupees against the Pound Sterling as the day's closing quote stood at PKR 196.89 per GBP, while the previous session closed at PKR 198.17 per GBP.

Similarly, PKR's value strengthened by 1.2 rupees against EUR which closed at PKR 176.69 at the interbank today.

Within the Open Market, PKR was traded at 155.50/157 per USD.

This round of appreciation eases Pakistan's external debt burden by Rs.110.86 billion which in dollar terms accounts for a $105.84 billion. Pakistan now owes external avenues a total of Rs.16.57 trillion.

On another note, within the money market, the overnight repo rate towards close of the session was 11.10/11.15 percent, whereas the 1 week rate was 12.00/12.15 percent.

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