PKR reports minor gain of 81 paisa per USD

April 18, 2023 (MLN): Pakistani rupee (PKR) managed to gain its ground back against the greenback as the currency appreciated by 81 paisa to settle the day's trade at PKR 283.9 per USD, compared to yesterday's close of PKR 284.71 per USD.

Throughout today’s session, the local unit traded in a band of 90 paisa, showing an intraday high bid of 284.50 and low offer of 283.70 while in the open market, PKR was traded at 285/289 per USD.

Since Pakistan has almost completed all the conditionalities put forth by the IMF, the market is hopeful for the tranche which is stalled since last year. 

Meanwhile, Prime Minister Shehbaz Sharif has informed the lower house of the parliament pertaining to Saudi Arabia's help of  $2 billion to Pakistan in order to shore up foreign exchange reserves.

IMF also welcomed the recent announcement of important financial support to Pakistan from key bilateral partners. 

However, it demanded further assurances from friendly countries. 

Meanwhile, the currency gained 1.2 rupees against the Pound Sterling as the day's closing quote stood at PKR 352.49 per GBP, while the previous session closed at PKR 353.72 per GBP.

Similarly, PKR's value strengthened by 1.9 rupees against EUR which closed at PKR 311.16 at the interbank today.

In FYTD, PKR lost 79.05 rupees or 28.85%, while it plummeted by 57.47 rupees or 20.24% against the USD in CYTD. Within the last seven sessions, the local unit moved up by 1.59%, 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%/21.5%, whereas the 1-week rate was 21.95%/22.05%.

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