PKR strengthens by 21 paisa against greenback

November 11, 2020 (MLN): Pakistani rupee (PKR) appreciated by 21 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 158.49 per USD, against yesterday's closing of PKR 158.69 per USD.

The rupee traded within a very narrow range of 20 paisa per USD showing an intraday high bid of 158.65 and an intraday Low offer of 158.48.

Within the Open Market, PKR was traded at 158/159 per USD.

So far in this financial year, PKR has gained Rs 9.56 or 6.03% against the US Dollar. This appreciation of the rupee may be attributable to a significant increase in the supply of dollars in the market and a fall in demand amid a reduction in imports, an increase in exports and a continuous inflow of worker remittances.

Alternatively, the currency lost 85 paisa to the Pound Sterling as the day's closing quote stood at PKR 210.5 per GBP, while the previous session closed at PKR 209.66 per GBP.

On the other hand, PKR's value strengthened by 98 paisa against EUR which closed at PKR 186.93 at the interbank today.

On another note, within the money market, the overnight repo rate towards the close of the session was 6.90/7.10 percent, whereas the 1-week rate was 7.00/7.05 percent.

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