The Pakistani Rupee (PKR) reversed losses against the US Dollar (USD) and posted gains in the interbank market today. Although redundant, it gained one paisa against the greenback after hitting an intra-day low of Rs. 175.2 against the USD during today’s open market session.
It appreciated by 0.01 percent against the USD and closed at Rs. 174.87 today after losing 38 paisas and closing at 174.89 in the interbank market on Wednesday, 9 February.
The rupee halted its two-day losing streak against the dollar after the investment research firm and stock markets index provider, Morgan Stanley Capital International (MSCI), announced that the MSCI Pakistan Index will be eligible to be listed on the Frontier Markets (FM) 100 Index in May.
It made the statement following the completion of its assessment of the MSCI Pakistan Index’s suitability for the MSCI FM 100 and MSCI FM 15 percent Country Capped Indexes as part of the May 2022 Semi-Annual Index Review (SAIR).
On the fiscal front of affairs, yesterday, the State Bank of Pakistan (SBP) allowed commercial banks to facilitate the foreign missions, embassies, and consulates working in Pakistan, in remitting the funds they collect in Pakistani Rupees as fees of various services to their respective countries through authorized dealers.
Discussing the local unit’s performance in a tweet earlier today, the former treasury head of Chase Manhattan Bank, Asad Rizvi, briefly remarked that the rupee is likely to remain stable within a two percent band for the next two weeks since there is no major event in the pipeline. “Higher oil is the only worrying factor,” he warned.
INTER BANK -THURS,FEBRUARY 10
MY INTERVIEW ON AAJ TV…
I am getting regular queries about the next #PKR direction. For next 2-4 weeks it is likely to remain stable within 2% band, as no major event is in pipeline. Higher Oil is the only worrying factor. https://t.co/71vdJsidk5
— Asad Rizvi (@asadcmka) February 9, 2022
The PKR reversed its bad run against some of the other major currencies and reported gains in the interbank currency market today. It gained 25 paisas against the Pound Sterling (GBP) and held out against both the Saudi Riyal (SAR) and the UAE Dirham (AED).
Conversely, it lost 25 paisas against the Euro (EUR), 35 paisas against the Canadian Dollar (CAD), and 57 paisas against the Australian Dollar (AUD) in today’s interbank currency market.
