PKR strengthens by 2 rupees against greenback

July 02, 2019 (MLN): Pakistani rupee (PKR) appreciated by 2 rupees against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 158.06 per USD, against last session's closing of PKR 160.05 per USD.

The rupee endured a highly volatile trading session with quotes being recorded in a range of 2.80 rupees per USD showing an intraday high bid of 159.75 and an intraday Low offer of 157.95.

Meanwhile, the currency gained 2.5 rupees against the Pound Sterling as the day's closing quote stood at PKR 199.28 per GBP, while the previous session closed at PKR 203.01 per GBP.

Similarly, PKR's value strengthened by 3.8 rupees against EUR which closed at PKR 178.5 at the interbank today.

Within the Open Market, PKR was traded at 158.50/161 per USD.

This round of appreciation eases Pakistan's external debt burden by Rs.210.7 billion which in dollar terms accounts for a $105.84 billion. Pakistan now owes external avenues a total of Rs.16.73 trillion.

On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation in which it mopped up Rs.308.8 billion for 3 days at 12.2 percent.

The overnight repo rate towards close of the session was 12.00/12.30 percent, whereas the 1 week rate was 12.25/12.35 percent.

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