October 28, 2021 (MLN): The Pakistani Rupee (PKR) maintained its gaining momentum in the second consecutive interbank session today, appreciating by 52 paisa against US dollar as the currency closed the trade at PKR 172.26, against yesterday's closing of PKR 172.78 per USD.
The rupee endured a volatile trading session with quotes being recorded in a range of 1.45 rupees per USD showing an intraday high bid of 173.05 and an intraday Low offer of 171.60.
In line with the expectations, the domestic currency has started to gain its ground due to the announcement of $4.2 billion financial support by Saudi Arabia, after witnessing a bleak phase of depreciation.
Within the Open Market, PKR was traded at 172.50/174.20 per USD.
Within the Open Market, PKR was traded at 174.00/175.70 per USD.
According to the data compiled by Mettis Global, the domestic unit has depreciated by 8.54% or PKR 14.71 in the fiscal year-to-date against the USD. Similarly, the rupee has weakened by 7.21% or PKR 12.42 in CY21, with the month-to-date (MTD) position showing a decline of 0.93%.
Meanwhile, the currency gained 75 paisa against the Pound Sterling as the day's closing quote stood at PKR 237 per GBP, while the previous session closed at PKR 237.75 per GBP.
Similarly, PKR's value strengthened by 58 paisa against EUR which closed at PKR 199.98 at the interbank today.
On another note, within the money market, the overnight repo rate towards the close of the session was 7.40/7.50 percent, whereas the 1-week rate was 7.40/7.45 percent.
