PKR good run continues in interbank

MG News | November 02, 2021 at 11:22 AM GMT+05:00

Add Mettisglobal as a Trusted Source on Google

0:00

November 2, 2021 (MLN): Since the announcement package by Saudi Arabia, the Pakistani Rupee (PKR) continued its good run as it has advanced by Rs1.04 against US Dollar in an intraday trade at the interbank market amid improved macroeconomic indicators.

The dollar was being quoted at 170.25/170.32 (11:19 PST) when compared to the previous close of Rs171.29.

The domestic currency has started to gain its ground due to the announcement of $4.2 billion financial support by Saudi Arabia, after sweeping losses for more than two months.

In his morning tweet, Asad Rizvi, Former Treasury Head-Chase Manhattan Bank said, “Saudi facility to Pakistan was provided from its Special Drawing Rights (SDR) allocated funds.

Its quota was increased to 9577.5mn & is allowed to lend excess funds. This means the facility is conditional that may need a few more adjustments. PKR will stabilize while the rate hike is on cards, he noted.

Moreover, this PKR run was also supported by the 10% MoM decline in trade deficit in Oct-21 that recorded at $3.7bn.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	171,021.20 228.53M	-0.42% -718.25
ALLSHR	103,836.39 572.65M	-0.41% -422.85
KSE30	50,951.99 89.47M	-0.52% -264.77
KMI30	240,633.87 93.99M	-0.31% -756.80
KMIALLSHR	66,572.75 300.61M	-0.28% -185.59
BKTi	48,673.23 31.18M	-0.70% -343.86
OGTi	33,702.25 6.35M	-0.61% -205.57

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	64,760.00	64,760.00 63,875.00	545.00 0.85%
BRENT CRUDE	98.70	101.19 95.13	-1.99 -1.98%
RICHARDS BAY COAL MONTHLY	105.75	0.00 0.00	-1.55 -1.44%
ROTTERDAM COAL MONTHLY	121.10	121.10 121.10	0.70 0.58%
USD RBD PALM OLEIN	1,175.00	1,175.00 1,175.00	0.00 0.00%
CRUDE OIL - WTI	90.47	0.00 0.00	1.16 1.30%
SUGAR #11 WORLD	14.76	14.79 14.54	0.07 0.48%