April 26, 2023 (MLN): The Pakistani rupee (PKR) on Wednesday registered minor gains, appreciating by only 7 paisa against the US dollar in the interbank session as the currency settled the trade at PKR 283.39 per USD, compared to the previous session's closing of PKR 283.47 per USD.
Throughout today’s session, the local unit traded in a band of 1.05 rupees, showing an intraday high bid of 284.5 and a low offer of 283.60 while in the open market, PKR was traded at 287/290.5 per USD.
During the last week, the local unit remained relatively stable on the back of positivity stemming from the IMF front. Meanwhile, improved macros have helped the currency hold its ground.
Alternatively, the currency lost 67 paisa to the Pound Sterling as the day's closing quote stood at PKR 352.91 per GBP, while the previous session closed at PKR 352.23 per GBP.
Similarly, PKR's value weakened by 1.6 rupees against EUR which closed at PKR 312.24 at the interbank today.
In FYTD, PKR lost 78.54 rupees or 27.72%, while it plummeted by 56.96 rupees or 20.10% against the USD in CYTD. Within the last seven sessions, the local unit moved up by 0.18%, as per data compiled by Mettis Global.
On another note, within the money market, the overnight repo rate towards the close of the session was 21%/21.25%, whereas the 1-week rate was 20.95%/21.05%.
