PKR strengthens by 96 paisa against greenback

November 24, 2020 (MLN): Pakistani rupee (PKR) appreciated by 96 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 160.09 per USD, against yesterday's closing of PKR 161.05 per USD.

“There was a dearth of demand in the market since oil payments had already been made, which kept buying activity muted,” says Zafar Paracha, ex-general secretary of Exchange Companies Association of Pakistan. 

A similar trend persisted in the open market where the demand hasn’t recovered from the coronavirus outbreak and the resulting travel decline.

Today, PKR witnessed a mild activity in intraday trade as it was traded in a range of 1.20 rupees per USD showing an intraday high bid of 161.15 and an intraday Low offer of 160.00.

Within the Open Market, PKR was traded at 160.50/161.50 per USD.

Meanwhile, the currency gained 96 paisa against the Pound Sterling as the day's closing quote stood at PKR 214.01 per GBP, while the previous session closed at PKR 214.97 per GBP.

Similarly, PKR's value strengthened by 1 rupees against EUR which closed at PKR 190.04 at the interbank today.

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

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