PKR remains stable at 221.65 per USD

November 08, 2022 (MLN): The Pakistani rupee (PKR) on Tuesday settled the trading session relatively unchanged at PKR 221.65 against the US dollar in the interbank session.

Since Friday, the local unit has taken a breather after a slight increment in the central bank’s reserves. Meanwhile, the currency has regained some ground in anticipation of $8.8 billion in financial support from China including $3.3bn from China's commercial banks & $1.45bn additional financing in FY23.

In addition, the news flow pertaining to the upcoming visit of Suadi King Salman visit to Pakistan has also added positive sentiments in the interbank.

During the session, the rupee traded in a band of 75 paisa per USD showing an intraday high bid of 221.75 and low offer of 221.50 while in the open market, PKR was traded at 225/227.25 per USD.

Alternatively, the currency lost 3.8 rupees to the Pound Sterling as the day's closing quote stood at PKR 254.49 per GBP, while the previous session closed at PKR 250.73 per GBP.

Similarly, PKR's value weakened by 1.6 rupees against EUR which closed at PKR 221.76 at the interbank today.

On another note, within the money market, The State Bank of Pakistan (SBP) conducted an Open Market Operation (OMO) today, in which it moped up Rs157 billion from the market for 3 days at 14.93%.

The overnight repo rate towards the close of the session was 14.50/14.75%, whereas the 1-week rate was 15.00/15.10%.

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