PKR snaps its 4-day losing streak, settles 1.1 rupee higher at 161.23 /USD

July 26, 2021 (MLN): Pakistani rupee (PKR) snapped its four-day losing streak in today's interbank session and closed 1.1 rupees higher at PKR 161.23 per USD, owing to the positive economic triggers.

In the previous session, the home unit had closed at PKR 162.32 per USD.

According to Asad Rizvi, the former Country Treasurer of Chase Manhattan Bank, “It is expected that PKR would be able to find stable ground from this week as flow of Remittances will gradually start to pick up.”

The rupee saw an intraday high bid of 162.30 and an intraday Low offer of 160.50, traded within the range of 1.91 rupees per USD.

Within the Open Market, PKR was traded at 161/162.50 per USD.

According to the data compiled by Mettis Global, the rupee has depreciated by 2.29% or PKR 3.68 in the fiscal year-to-date against USD. Similarly, the home unit has weakened by 0.87% or PKR 1.4 in CY21 with the month-to-date (MTD) position showing a decline of 2.29%.

Meanwhile, the currency gained 96 paisa against the Pound Sterling as the day's closing quote stood at PKR 221.94 per GBP, while the previous session closed at PKR 222.9 per GBP.

Similarly, PKR's value strengthened by 1.3 rupees against EUR which closed at PKR 189.88 at the interbank today.

On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation in which it injected Rs.2.02 trillion for 4 days at 7.07 percent.

The overnight repo rate towards close of the session was 7.10/7.20 percent, whereas the 1 week rate was 7.08/7.20 percent.

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Posted on: 2021-07-26T17:18:00+05:00