Pakistani rupee (PKR) held its ground against the US dollar in the interbank market session on Friday as the currency closed at PKR171.01. Within last week, the domestic unit has gained 1.6 rupees against the USD, as it closed trading at PKR 171.65 per USD.
The former Treasury Head at Chase Manhattan Asas Rizvi took to Twitter and hinted at the local unit’s breather owing to the weekend in the Middle East.
The State Bank of Pakistan (SBP) saw an increase in its reserves by $52.9million to $17,199.6mn. The updated figure does not comprise a $3 billion Saudi deposit. Rizvi added that the deposit from Saudi Arabia will likely be reflected in the next week’s update after the central bank receives the credit in its account.
The domestic unit traded within a narrow range of 23 paisa per USD reflecting an intraday high bid of 170.15 and an intraday Low offer of 169.90.
PKR traded at 170.00/171.70 per USD in the Open Market.
The Pakistani rupee has depreciated by 7.34% or PKR 12.47 during the fiscal year-to-date against the greenback.
In a similar manner, the rupee has devalued by 5.99% or PKR 10.18 in CY21, with the month-to-date (MTD) position reflecting a drop of 0.94%.
Meanwhile, PKR also gained 2.4 rupees against the Pound Sterling as the unit’s day’s closing quote stood at PKR 229.5 per GBP, compared to the previous session’s closing at PKR 231.87 per GBP.
However, PKR’s value devalued against EUR by 11 paisa as it closed at PKR 196.52 during the interbank trading.
Within the money market, the SBP carried out an Open Market Operation in which it cleared up Rs.1.8 trillion for 7 days at 7.36 percent.
The overnight repo rate at the close of the session was 7.40/7.50 percent, whereas the 1-week rate was 7.35/7.45 percent.