Rupee gains strength against dollar, up by Rs1.28

February 06, 2023 (MLN): After enduring a massive depreciation against the greenback, the Pakistan Rupee (PKR) has showed some strength against the dollar on Monday.

The PKR has appreciated by Rs1.28 against US Dollar in today's interbank session as the currency settled the day's trade at PKR 275.30 per USD, as compared to the previous closing of PKR 276.58.

At around 10:45, the PKR made a strong gain of Rs5.07 against the US dollar and was traded at Rs272.93.

While speaking to MG Link News, Zafar Paracha General Secretary of the Exchange Companies Association of Pakistan (ECAP) said, “The improvement in PKR is attributed to the exporters who encashed their pending proceeds in to PKR."

He further said, rupee will gain more strength as Pakistan is near to sign agreement with IMF for ninth tranche worth $1.18bn.

The rupee was traded in a band of PKR 7.5 per USD with an intraday high bid of PKR 278 and a low offer of PKR 270.5 while in the open market, PKR was traded at 276.50/280 per USD.

In FYTD, PKR lost 70.45 rupees or 25.59%, while it plummeted by 48.87% against the USD in the last seven sessions, as per data compiled by Mettis Global.

Meanwhile, the currency gained 5.3 rupees against the Pound Sterling as the day's closing quote stood at PKR 332.06 per GBP, while the previous session closed at PKR 337.37 per GBP.

Similarly, PKR's value strengthened by 4.3 rupees against EUR which closed at PKR 296.96 at the interbank today.

On another note, within the money market, the overnight repo rate towards the close of the session was 16.75/17.00%, whereas the 1-week rate was 16.90/17.00%.

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