PKR recovers in early trade

MG News | June 24, 2021 at 10:03 AM GMT+05:00

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June 24, 2021 (MLN): The Pakistani Rupee (PKR) has appreciated by 80 paisa against the US Dollar (USD) in the early trade on Thursday at the interbank market.

The dollar is being quoted at 157.70/157.80 (9:54 PST) compared to the previous day’s close of 158.53.

“Yesterday, State Bank of Pakistan (SBP) invited few Bank Treasurers that are actively involved in the market & told them not to panic as FX position is under control,” Asad Rizvi, Former Treasury Head-Chase Manhattan Bank said via his Twitter handle this morning.

He noted that banks were asked to use their NOP limit more effectively. This should help to stabilize the market, suggesting a strong rupee opening.

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