PKR gains for the fourth straight session

March 18, 2021 (MLN): The Pakistani Rupee (PKR) extended its winning streak for the fourth straight session as it closed the trade PKR 155.45, with an appreciation of 29 paisa against the US Dollar (USD) in the interbank market, backed by steady dollar inflows and positive sentiments.

Within the Open Market, PKR was traded at 155.00/155.80 per USD.

However, the dollar found some support and bounced back after hitting 155.00 in early trade as sudden buying was seen in the market, said Asad Rizvi, Former Treasury Head-Chase Manhattan Bank, on his official Twitter handle.

In the tom value, the dollar was quoted as high as 155.90/156.05 before easing to 155.70/155.80 level.

During FY21, the local unit has so far strengthened by Rs 12.60 or 8.11% against the greenback while in CY21, the appreciation has been Rs 4.38 or 2.82% with the rupee gaining 1.70% MTD.

Alternatively, the currency lost 60 paisa to the Pound Sterling as the day's closing quote stood at PKR 217.1 per GBP, while the previous session closed at PKR 216.51 per GBP.

Similarly, PKR's value weakened by 34 paisa against EUR which closed at PKR 185.73 at the interbank today.

On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation in which it injected Rs.164.3 billion for 1 day at 7.09 percent.

The overnight repo rate towards the close of the session was 7.05/7.10 percent, whereas the 1-week rate was 7.04/7.07 percent.

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