December 29, 2022 (MLN): After enduring a spell of depreciation on gloomy macros, the Pakistani unit (PKR) finally took a breather in today’s interbank session against the greenback as the currency settled the trade at PKR 226.41 per USD.
During the session, the rupee traded in a band of 60 paisa per USD showing an intraday high bid of 226.50 and low offer of 226.40 while in the open market, PKR was traded at 233.45/235.78 per USD.
To note, the local unit, in a surprising move, snapped a losing streak and recovered by almost 47 paisa against the greenback in the initial hours of the trading session compared to yesterday's close of PKR 226.37 per USD.
The local unit was quoted at PKR 226.43/226.68 [1:18 PST] with the trades being reported at 225.90 per USD.
This marginal appreciation is attributed to yesterday's statement of the Federal Minister for Finance and Revenue Ishaq Dar said that Pakistan is not going to default as the incumbent government is effectively managing the economic situation of the country by efficiently using its resources.
While speaking to investors during the Gong Ceremony the first listing of a developmental REIT (Globe Residency REIT) held at the Pakistan Stock Exchange (PSX) he added, “Though the country is facing hardships that do not mean that the sovereign state is going to give up.”
Talking about dollar PKR parity, he admitted that concerns pertaining to the smuggling of dollars to Afghanistan have led PKR towards a bottomless pit.
On the International Monetary Fund (IMF) front, the minister said that regardless of the difficult conditions accepted by the previous government, the present government is committed to completing the program.
Meanwhile, the currency lost 30 paisa to the Pound Sterling as the day's closing quote stood at PKR 272.51 per GBP, while the previous session closed at PKR 272.21 per GBP.
On the other hand, PKR's value strengthened by 7 paisa against EUR which closed at PKR 240.58 at the interbank today.
In FYTD, PKR lost 21.56 rupees or 9.52%, while it plummeted by 49.89 rupees or 22% against the USD in CYTD, 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 15.25%/15.50%, whereas the 1-week rate was 15.85%/15.95%.
Copyright Mettis Link News
Posted on: 2022-12-29T16:47:24+05:00
