March 30, 2021 (MLN): Pakistani rupee (PKR) appreciated by 95 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 153.09 per USD, against yesterday's closing of PKR 154.04 per USD.
The rupee traded within a very narrow range of 69 paisa per USD showing an intraday high bid of 153.75 and an intraday Low offer of 153.10.
Within the Open Market, PKR was traded at 153/154 per USD.
PKR has been on an uptrend amid increased foreign exchange reserves and improved economic sentiments. ‘While Emerging Markets currencies are going through a tough time currently, Pakistan rupee has emerged as an unlikely winner so far in 2021’, Mattias Martinsson, Founder and Chief Investment Officer at Tundra Fonder said on his Twitter handle.
According to the data compiled by Mettis Global, so far, the local unit has gained 9.77% or Rs 14.96 in FY21 while appreciation has been 4.40% or Rs 6.74 in CY21 with PKR heading for a 3.27% monthly gain.
Meanwhile, the currency gained 1.9 rupees against the Pound Sterling as the day's closing quote stood at PKR 210.85 per GBP, while the previous session closed at PKR 212.79 per GBP.
Similarly, PKR's value strengthened by 1.4 rupees against EUR which closed at PKR 179.84 at the interbank today.
On another note, within the money market, the overnight repo rate towards close of the session was 7.60/7.75 percent, whereas the 1 week rate was 7.10/7.15 percent.
