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PKR on gaining spree, up by 71 paisa per USD

Incentives for Banks to grow remittances - can they?
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March 17, 2023 (MLN): Marking a second consecutive rise against the greenback, the Pakistani rupee (PKR) has further appreciated by 71 paisa against the US dollar in today's interbank session as the currency closed the day's trade at PKR 281.71 per USD compared to previous closing of PKR 282.42 per USD.

Throughout today’s session, the local unit traded in a band of 75 paisa, showing an intraday high bid of 282 and low offer of 281.75 while in the open market, PKR was traded at 282/285 per USD

During the week, the currency lost 94 paisa against the greenback, as the previous week was concluded at PKR 280.77 per USD.

Alternatively, the currency lost 34 paisa to the Pound Sterling as the day's closing quote stood at PKR 342.16 per GBP, while the previous session closed at PKR 341.81 per GBP.

Similarly, PKR's value weakened by 12 paisa against EUR which closed at PKR 300.25 at the interbank today.

In FYTD, PKR lost 76.86 rupees or 27.29%, while it plummeted by 55.28 rupees or 19.62% against the USD in CYTD. On the other hand, within the last seven sessions, the local unit moved down by 0.33%, 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 Rs1.8 trillion into the market, from which Rs1.76tr injected into the market of which Rs400bn were injected at 20.15% for 10-day and Rs1.36tr were injected at 20.11% rate of return for 77-day.

Moreover, SBP also conducted Shariah-compliant Mudarabah OMO today, in which it injected Rs123.95bn into the market of which Rs60.95bn were injected at 20.18% for 10-day and Rs63bn were injected at 20.15% rate of return for 77-day.

The overnight repo rate towards the close of the session was 19.5%/19.9%, whereas the 1-week rate was 19.35%/19.45%.

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Posted on: 2023-03-17T17:47:40+05:00