November 30, 2022 (MLN): Pakistani rupee (PKR) successfully managed to hold its ground in the fourth consecutive session against the greenback in today’s interbank market as the currency settled the trade at PKR 223.95 per USD.
During the session, the rupee traded in a band of 25 paisa per USD showing an intraday high bid of 224 and low offer of 223.90 while in the open market, PKR was traded at 228.75/231 per USD.
In the backdrop of inflows worth $500 million from the Asian Infrastructure Investment Bank (AIIB) the PKR has maintained its stability against the greenback.
In addition, the stability in the currency market is attributed to a policy rate hike of 100 bps to 16% by the central bank.
In FYTD, PKR lost 19.10 rupees or 8.53%, while it plummeted by 47.43 rupees or 21.18% against the USD in CYTD, as per data compiled by Mettis Global.
Meanwhile, the measures taken by the government in the form of import payments restrictions, opening of letters of Credit (LCs), and carrying limits of foreign currency on travelers have also helped PKR to hold its ground.
Meanwhile, the currency gained 1.6 rupees against the Pound Sterling as the day's closing quote stood at PKR 267.91 per GBP, while the previous session closed at PKR 269.55 per GBP.
Similarly, PKR's value strengthened by 49 paisa against EUR which closed at PKR 231.89 at the interbank today.
On another note, within the money market, the overnight repo rate towards the close of the session was 15.75/16.00 percent, whereas the 1-week rate was 15.95/16.05 percent.
