PKR gains 8 paisa per USD

April 28, 2023 (MLN): The Pakistani rupee (PKR) appreciated by 8 paisa against the US dollar (USD) in today's interbank session as the currency settled the trade at PKR 283.84 per USD, compared to the previous session's closing of PKR 283.92 per USD.

Throughout today’s session, the local unit traded in a band of 40 paisa, showing an intraday high bid of 284 and a low offer of 283.80 while in the open market, PKR was traded at 287/290 per USD.

Alternatively, the currency lost 14 paisa to the Pound Sterling as the day's closing quote stood at PKR 353.99 per GBP, while the previous session closed at PKR 353.85 per GBP.

On the other hand, PKR's value strengthened by 1.6 rupees against EUR which closed at PKR 311.98 at the interbank today.

In FYTD, PKR lost 78.99 rupees or 27.83%, while it plummeted by 57.40 rupees or 20.23% against the USD in CYTD. Within the last seven sessions, the local unit moved down by 0.13%, as per data compiled by Mettis Global.

On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation (OMO), and Shariah-compliant Mudarabah OMO today, in which it cumulatively injected a total of Rs843.35 billion into the market, from which Rs608.35bn injected into the market under reverse repo.

Moreover, SBP also conducted Shariah-compliant Mudarabah OMO today, in which it injected Rs235bn into the market.

The overnight repo rate towards the close of the session was 20.8%/21.25%, whereas the 1-week rate was 21.05%/21.15%.

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