November 25, 2020 (MLN): Pakistani rupee (PKR) appreciated by 81 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 159.28 per USD, against yesterday's closing of PKR 160.09 per USD.
“The market is undergoing correction after the rupee lost ground the past few days, and this trend of appreciation is rupee is expected to persist”, said Zafar Paracha, ex-secretary general secretary Exchange Companies Association of Pakistan.
The dollar should decline further to settle in the range of Rs155-156 by year-end, he added.
Forex Association of Pakistan's President Malik Bostan seemed to agree with that assessment, saying that if the Rs158 resistance is breached, then the parity will settle around Rs155.
Speaking about today's dynamics in the interbank, he said few Lines of credit were opened which kept the demand for greenback low.
In today’s session, the Rupee saw moderate volatility and traded in a range of 88 paisa per USD showing an intraday high bid of 160.05 and an intraday Low offer of 159.22.
Within the Open Market, PKR was traded at 159.50/161 per USD.
Meanwhile, the currency gained 1.2 rupees against the Pound Sterling as the day's closing quote stood at PKR 212.84 per GBP, while the previous session closed at PKR 214.01 per GBP.
Similarly, PKR's value strengthened by 22 paisa against EUR which closed at PKR 189.82 at the interbank today.
On another note, within the money market, the overnight repo rate towards the close of the session was 6.75/6.90 percent, whereas the 1-week rate was 6.95/7.00 percent.
