PKR strengthens by 15 paisa against greenback

April 07, 2021 (MLN): Pakistani rupee (PKR) appreciated by 15 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 153.18 per USD, against yesterday's closing of PKR 153.33 per USD.

The rupee endured a relatively dull trading session with very little intraday movement, trading in a range of 31 paisa per USD showing an intraday high bid of 153.22 and an intraday Low offer of 153.07.

Within the Open Market, PKR was traded at 153/153.70 per USD.

Commenting on volatility in the opening session on Wednesday, Asad Rizvi, Former Treasury Head-Chase Manhattan Bank said via his Twitter handle, ‘Minor change is noted in the interbank market. Unlike past, the market witnesses volatility in the early hours. This is possible because the market avoids long $ as it gets reporting early morning, strong PKR results in losses, while bank knows its customers' position & wants to cover quickly.’

During FY21, so far, the domestic unit has strengthened by Rs 14.87 or 9.71% against greenback while appreciation has been Rs 6.65 or 4.34%. MTD (month to date) position of a pair witnessed a decrease of 0.27%, as per data compiled by Mettis Global.

Meanwhile, the currency gained 57 paisa against the Pound Sterling as the day's closing quote stood at PKR 211.85 per GBP, while the previous session closed at PKR 212.43 per GBP.

On the other hand, PKR's value weakened by 86 paisa against EUR which closed at PKR 182.06 at the interbank today.

On another note, within the money market, the overnight repo rate towards close of the session was 6.50/6.70 percent, whereas the 1 week rate was 6.95/7.00 percent.

Copyright Mettis Link News