Rupee stands rooted to the spot

August 08, 2019 (MLN): A rather positive interbank session was concluded relatively unchanged against yesterday as Pakistani rupee (PKR) closed the trade at  158.26 per dollar while yesterday's closing quote was PKR 158.25 per USD.

The rupee opened the day 35 paisa stronger and traded at a higher value for most of the session before losing all its gains at by day end.

The local currency saw a volatility free session as very little movement was recorded trading in a range of 45 paisa per USD showing an intraday high bid of 158.30 and an intraday Low offer of 157.95.

Within the Open Market, PKR was traded at 158.00/159.00 per USD.

Meanwhile, the currency lost 34 paisa to the Pound Sterling as the day's closing quote stood at PKR 192.5 per GBP, while the previous session closed at PKR 192.16 per GBP.

Similarly, PKR's value weakened by 47 paisa against EUR which closed at PKR 177.5 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.124.95 billion for 1 day at 13.38 percent.

The overnight repo rate towards close of the session was 13.50/13.75 percent, whereas the 1 week rate was 13.40/13.50 percent.

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