The Pakistani Rupee appreciated by 52 paisa against the greenback as it closed the trade at PKR 172.26 compared to the previous closing of PKR 172.78 per USD.

The local currency managed to maintain its gaining momentum during the second consecutive interbank session as it endured a volatile trading session. The quotes were recorded in a range of 1.45 rupees per USD showing an intraday high bid of 173.05 and an intraday Low offer of 171.60.

Meeting expectations, the domestic unit started gaining its ground owing to the announcement of $4.2 billion financial package from Saudi Arabia, following a bleak phase of depreciation.

The local currency has depreciated by 8.54% or PKR 14.71 during the fiscal year-to-date against the dollar. Likewise, the rupee has plummeted by 7.21% or PKR 12.42 in CY21, with the month-to-date (MTD) position showing a drop of 0.93%.

The currency rose by 75 paisa against the Pound Sterling as the closing quote stood at PKR 237 per GBP against the closing of the previous session at PKR 237.75 per GBP.

Pakistani rupee’s value increased by 58 paisa against EUR which closed at PKR 199.98 at the interbank trading.

Meanwhile, the overnight repo rate in the money market, reached 7.40/7.50 percent towards the close of the session, whereas the 1-week rate was 7.40/7.45 percent.

The story was filed by the News Desk.
The Desk can be reached at info@thecorrespondent.com.pk.

The story was filed by the News Desk. The Desk can be reached at info@thecorrespondent.com.pk.

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