PKR's appreciative spell, broken

August 09, 2019 (MLN):  The appreciative spell at interbank has been broken as Pakistani rupee (PKR) depreciated by 19 paisa against US Dollar (USD) in today's session. The currency closed the day's trade at PKR 158.45 per USD, against yesterday's closing of PKR 158.26 per USD.

The rupee witnessed a mild activity in intraday trade as it was traded in a range of 80 paisa per USD showing an intraday high bid of 159.00 and an intraday Low offer of 158.25.

During the week, the currency has gained 67 paisa against the greenback, as the previous week was concluded at PKR 159.12 per USD.

Within the Open Market, PKR was traded at 158/159 per USD.

Alternatively, the currency gained 57 paisa against the Pound Sterling as the day's closing quote stood at PKR 191.93 per GBP, while the previous session closed at PKR 192.5 per GBP.

Similarly, PKR's value strengthened by 6 paisa against EUR which closed at PKR 177.45 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.2.42 trillion for 7 days at 13.36 percent. This is the largest amount injected into the market ever in the previous highest injection being on August 17, 2018, of 2,025 billion.

The overnight repo rate towards close of the session was 13.00/13.50 percent, whereas the 1 week rate was 13.00/13.50 percent.

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