PKR strengthens by 1.5 rupees in a week

August 02, 2019 (MLN): Pakistani rupee (PKR) appreciated by 31 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 159.12 per USD, against yesterday's closing of PKR 159.42 per USD.

The currency has steadily appreciated for the whole week which is a first in the last six months as the last appreciation streak that exceeded 4 days was observed from January 23, 2019 to January 31, 2019.

During the week, the currency has gained 1.5 rupees against the greenback, as the previous week was concluded at PKR 160.59 per USD.

The rupee saw a volatility free session today as very little movement was recorded trading in a range of 39 paisa per USD showing an intraday high bid of 159.48 and an intraday Low offer of 159.10.

Within the Open Market, PKR was traded at 158.80/160.00 per USD.

Meanwhile, the currency gained 24 paisa against the Pound Sterling as the day's closing quote stood at PKR 192.97 per GBP, while the previous session closed at PKR 193.22 per GBP.

On the other hand, PKR's value weakened by 48 paisa against EUR which closed at PKR 176.58 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.1.75 trillion for 7 days at 13.35 percent.

The overnight repo rate towards close of the session was 13.00/13.25 percent, whereas the 1 week rate was 13.15/13.30 percent.

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