November 29, 2022 (MLN): Pakistani rupee (PKR) successfully managed to hold its ground in the third consecutive session against the greenback in today’s interbank market as the currency settled the trade at PKR 223.95 per USD.
During the session, the rupee traded in a band of 25 paisa per USD showing an intraday high bid and low offer of 224 while in the open market, PKR was traded at 228.75/231 per USD.
The optimism in the interbank market stemmed from inflows worth $500 million received from Asian Infrastructure Investment Bank (AIIB) and PKR gained over 20 paisa in the interbank market during intraday trade today.
It is pertinent to mention that stability in the currency market since the previous few sessions were primarily attributed to the expected inflows from AIIB along with a policy rate hike of 100 bps to 16% by the central bank.
Meanwhile, the measures taken by the government in the form of import payments restrictions, opening of letters of Credit (LCs), and carrying limits of foreign currency on travelers have also helped PKR to hold its ground.
In FYTD, PKR lost 19.06 rupees or 8.52%, while it plummeted by 47.4 rupees or 21.17% against the USD in CYTD, as per data compiled by Mettis Global.
Alternatively, the currency gained 87 paisa against the Pound Sterling as the day's closing quote stood at PKR 269.55 per GBP, while the previous session closed at PKR 270.42 per GBP.
Similarly, PKR's value strengthened by 35 paisa against EUR which closed at PKR 232.38 at the interbank today.
On another note, within the money market, the overnight repo rate towards the close of the session was 16.00/16.25%, whereas the 1-week rate was 16.15/16.25%.
