PKR strengthens by 97 paisa against greenback

March 17, 2021 (MLN): The optimism in the interbank market continued Wednesday on the back of positive macroeconomic data as the Pakistani Rupee (PKR) appreciated by 97 paisa against US Dollar (USD) in today’s trade. The local currency closed the trade at PKR 155.74 per USD, against yesterday's closing of PKR 156.72 per USD.

Also, this has been the lowest USD rate since March 06, 2020 when it closed at 154.2408.

Investors’ sentiments are currently positive amid better inflows due to an increase in remittances via Roshan Digital Accounts that may help currency appreciate further. As per data published by SBP, the Pak Rupee's Real Effective Exchange Rate Index (REER) is standing at 95.32 in January 2021, down by 1.05% MoM, improving the confidence.

During FY21, PKR has appreciated by Rs 12.30 or 7.90% against the USD while in CY21 the appreciation has been Rs 4.09 or 2.63%. The local unit has gained 1.51% in March 2021 so far.  

The Rupee saw moderate volatility in today’s session and traded in a range of 90 paisa per USD showing an intraday high bid of 156.40 and an intraday Low offer of 155.55.

Within the Open Market, PKR was traded at 155.80/156.50 per USD.

Meanwhile, the currency gained 4 paisa against the Pound Sterling as the day's closing quote stood at PKR 216.51 per GBP, while the previous session closed at PKR 216.55 per GBP.

Similarly, PKR's value strengthened by 1.5 rupees against EUR which closed at PKR 185.39 at the interbank today.

On another note, within the money market, the overnight repo rate towards close of the session was 7.25/7.30 percent, whereas the 1 week rate was 7.10/7.15 percent.

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