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Pak Rupee strengthens as dollar continues to shed value

Pak Rupee strengthens as dollar continues to shed value

KARACHI: The US dollar on Wednesday depreciated against the Pakistani rupee by 10 paisa in the open market and closed at Rs156.50. In the interbank market, the green back falls at 8 paisa to close at 156.30.

On Friday, the Pakistani rupee depreciated against the US dollar by 20 paisa in the open market and closed at Rs156.70, while the green back falls at 6 paisa to close at 156.32 in the interbank market.

The rupee traded within a very narrow range of 56 paisa per USD showing an intraday high bid of 156.80 and an intraday Low offer of 156.28.

During the week, the currency has gained 53 paisa against the greenback, as the previous week was concluded at PKR 156.86 per USD. Within the Open Market, PKR was traded at 156.20/157.50 per USD.

Alternatively, the currency lost 39 paisa to the Pound Sterling as the day s closing quote stood at PKR 192.27 per GBP, while the previous session closed at PKR 191.88 per GBP.

On the other hand, PKR s value strengthened by 3 paisa against EUR which closed at PKR 172.56 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.1.21 trillion for 7 days at 13.32 percent.

The overnight repo rate towards the close of the session was 13.25/13.50 percent, whereas the 1-week rate was 13.30/13.40 percent.