PKR weakens by 19 paisa in a week

June 04, 2021 (MLN): Pakistani rupee (PKR) on Friday appreciated by 17 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 154.62 per USD, buoyed by an increase in forex reserves.

On Thursday, the home unit had closed at PKR 154.79 per USD.

The rupee endured a relatively dull trading session with very little intraday movement, trading in a range of 12 paisa per USD showing an intraday high bid of 154.68 and an intraday Low offer of 154.64.

During the week, the currency has lost 19 paisa against the greenback, as the previous week was concluded at PKR 154.43 per USD.

Within the Open Market, PKR was traded at 154.80/155.50 per USD.

According to the data gathered by Mettis Global, in FY21, the home unit has so far appreciated by PKR 13.43 or 8.69% against the greenback while it gained by around PKR 5.22 or 3.37% in CY21 with MTD (month to date) position showing a decrease of 0.14%.

Meanwhile, the currency gained 1.1 rupees against the Pound Sterling as the day's closing quote stood at PKR 218.35 per GBP, while the previous session closed at PKR 219.47 per GBP.

Similarly, PKR's value strengthened by 1.3 rupees against EUR which closed at PKR 187.32 at the interbank today.

On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation in which it injected Rs.2331.8 billion for 7 days at 7.05 percent.

The overnight repo rate towards the close of the session was 7.00/7.20 percent, whereas the 1-week rate was 7.00/7.10 percent.

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