PKR registers 26 paisa gain against USD

April 29, 2021 (MLN): Pakistani rupee (PKR) settled 26 paisa higher at 153.62 against the US Dollar (USD) on Thursday in the interbank forex market, supported by an increase in SBP’s foreign reserves.

On Wednesday, the domestic unit had closed at PKR 153.88 per USD.

The rupee saw a volatility-free session as a very little movement was recorded trading in a range of 54 paisa per USD, showing an intraday high bid of 153.70 and an intraday Low offer of 153.25.

Within the Open Market, PKR was traded at 153/154 per USD.

During FY21, the local unit has gained PKR 14.43 or 9.39% while the appreciation has been PKR 6.22 or 4.05% against USD in CY21 with an MTD depreciation of 0.56%, as per data compiled by Mettis Global.

Alternatively, the currency lost 99 paisa to the Pound Sterling as the day's closing quote stood at PKR 214.5 per GBP, while the previous session closed at PKR 213.51 per GBP.

Similarly, PKR's value weakened by 42 paisa against EUR which closed at PKR 186.21 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 mopped up Rs.55 billion for 1 day at 6.95 percent.

The overnight repo rate towards the close of the session was 7.00/7.15 percent, whereas the 1-week rate was 7.00/7.05 percent.

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