September 01, 2022 (MLN): Maintaining its gaining spree against the US dollar, the Pakistani rupee (PKR) has appreciated by 15 paisa in today's interbank session as the currency closed the trade at PKR 218.6 compared to yesterday's closing of 218.75 per USD.
During the session, the rupee traded in a range of two rupees per USD showing an intraday high bid of 218.50 and an intraday low offer of 217 while in the open market, PKR was traded at 218.50/220.50 per USD.
In the backdrop of IMF's tranche worth $1.16 billion under the Extended Fund Facility (EFF) received by the State Bank of Pakistan (SBP) on Wednesday, the local unit had strengthened by 2.25 rupees against the US dollar in the early hours of today’s session with trades being reported at 216.50 per USD.
The tranche aims to improve SBP’s foreign exchange reserves. Consequently, it will also ease pressure on the local currency.
Speaking to Mettis Global, Wajid Rizvi, Head of Research at Insight Securities said that IMF’s tranche would encourage other countries, especially gulf countries to make a significant volume of investments in Pakistan.
In FYTD, PKR lost 13.75 rupees or 6.29%, while it plummeted by 42.08 rupees or 19.25% against the USD in CYTD, as per data compiled by Mettis Global.
During the last 52 weeks, PKR lost 23.65% against the greenback while reaching its lowest at 239.94 on July 28, 2022, and the highest at 166.9 on September 03, 2021.
Furthermore, the local unit has weakened by 11.58% against EUR when it was highest on March 07, 22, while the rupee fell by 9.57% against GBP since its high on September 30, 2021.
In FYTD, the currency has weakened against other major currencies including AED, SAR, CHF, JPY, CNY, EUR, and GBP by 6.29%, 6.14%, 4.25%, 4.16%, 3.38%, 2.43%, and 2.05%, respectively.
Meanwhile, the currency gained 3.7 rupees against the Pound Sterling as the day's closing quote stood at PKR 254.79 per GBP, while the previous session closed at PKR 258.51 per GBP.
On the other hand, PKR's value weakened by 46 paisa against EUR which closed at PKR 219.12 at the interbank today.
On another note, within the money market, the SBP conducted an Open Market Operation (OMO) in which it injected Rs150bn into the market for one day at 15.25%.
The overnight repo rate towards the close of the session was 15.10%/15.25%, whereas the 1-week rate was 15.05%/15.15%.
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Posted on:2022-09-01T17:01:32+05:00
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