PKR rebounds by 33 paisa to 153.33 against USD

April 06, 2021 (MLN): Pakistani rupee (PKR) on Tuesday bounced back as it appreciated by 33 paisa to close at 153.33 against the US Dollar (USD) in interbank session, against yesterday's closing of PKR 153.66 per USD.

The rupee traded within a very narrow range of 43 paisa per USD showing an intraday high bid of 153.63 and an intraday Low offer of 153.25.

Within the Open Market, PKR was traded at 153.30/154.00 per USD.

‘After opening higher, USD has lost its gloss. One reason could be the piling up of funds in NOSTRO a/c, which was received on Monday evening. Exporters too must be trying to take profit F/c, as PKR lost nearly 200 paisa from its 151.25 lows’, said Asad Rizvi, Former Treasury Head-Chase Manhattan Bank via his official Twitter handle.

So far, PKR has logged by Rs 14.71 or 9.60% gain against the greenback in FY21 while appreciation has been Rs 6.50 or 4.24% in CY21. MTD (month to date) position showed a decrease of 0.37%, as per data compiled by Mettis Global.

Meanwhile, the currency gained 60 paisa against the Pound Sterling as the day's closing quote stood at PKR 212.43 per GBP, while the previous session closed at PKR 213.02 per GBP.

On the other hand, PKR's value weakened by 67 paisa against EUR which closed at PKR 181.2 at the interbank today.

On another note, within the money market, the overnight repo rate towards the close of the session was 6.50/6.75 percent, whereas the 1-week rate was 6.75/6.95 percent.

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Posted on: 2021-04-06T16:03:00+05:00