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PKR settles 33 paisa higher at 152.76 against USD

March 31, 2021 (MLN): Pakistani rupee (PKR) appreciated by 33 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 152.76 per USD, against yesterday's closing of PKR 153.09 per USD.

The Rupee saw significant volatility in today’s session and traded in a range of 1.45 rupees per USD showing an intraday high bid of 152.95 and an intraday Low offer of 151.75.

At the interbank market, the local currency opened higher at 152.50/153.50 per USD on the back of USD499 million received from the International Monetary Fund and oversubscription of Eurobonds worth USD2.5 billion. Commenting on this, Asad Rizvi, former Treasury Head-Chase Manhattan Bank said, ‘SBP received IMF tranche & Govt raised $2.5 billion in 5,10& 30 years. The next POSITIVE for the economy that I am forecasting for APRIL is remittances that will surge to new levels, my FY21 outlook for REMITTANCES surpassing $27 billion is intact.’

‘Today’s Rupee high was 151.20 traded during early hours. Buyers of Dollars in value tomorrow are hunting for cheap USD in the interbank market’, he concluded.

During FY21, the local unit has so far strengthened by Rs 15.29 or 10.01% against the greenback while in CY21, the appreciation has been Rs 7.07 or 4.63% with the rupee ending on a strong note with a gain of 3.50% in the month of March 2021, as per data compiled by Mettis Global.

Meanwhile, the currency gained 45 paisa against the Pound Sterling as the day's closing quote stood at PKR 210.4 per GBP, while the previous session closed at PKR 210.85 per GBP.

Similarly, PKR's value strengthened by 43 paisa against EUR which closed at PKR 179.41 at the interbank today.

On another note, within the money market, the overnight repo rate towards the close of the session was 7.80/7.90 percent, whereas the 1-week rate was 7.15/7.30 percent.

Copyright Mettis Link News

Posted on: 2021-03-31T16:21:00+05:00

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