March 22, 2021 (MLN): Pakistani rupee (PKR) appreciated by 12 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 155.85 per USD, against last session's closing of PKR 155.97 per USD.
The rupee saw a volatility free session as very little movement was recorded trading in a range of 43 paisa per USD showing an intraday high bid of 156.18 and an intraday Low offer of 155.80.
Within the Open Market, PKR was traded at 156/156.8 per USD.
Asad Rizvi, the former Country Treasurer of Chase Manhattan Bank, expects continuous strong growth in workers’ remittances will help ease the pressure on the rupee. Posting on Twitter, he said, ‘CB’s don’t discuss Ex Rate but based on MPS they look confident expecting C/A Below 1%.’
‘Remittances are unchanged to cross $27 billion by FY end. OIL is hovering around top & likely to dip, it will ease pressure’, he added.
So far, the local currency has gained 7.83% of its value or Rs12.19 in FY21 against greenback while in CY21, appreciation has been 2.55% or Rs 3.98, with the rupee strengthening by 1.44% MTD.
Meanwhile, the currency gained 1.3 rupees against the Pound Sterling as the day's closing quote stood at PKR 216.14 per GBP, while the previous session closed at PKR 217.48 per GBP.
Similarly, PKR's value strengthened by 38 paisa against EUR which closed at PKR 185.51 at the interbank today.
On another note, within the money market, the overnight repo rate towards close of the session was 6.90/7.00 percent, whereas the 1 week rate was 7.00/7.05 percent.
