PKR recovers to 148.21 in inter-bank.
Pakistani currency dramatically recovered a significant Rs1.42 to Rs148.21 to the US dollar in the inter-bank market on Thursday following the recent massive hike in key interest rate made the rupee attractive.
"Institutions and people are converting dollars into rupees after the rate of return on investment in rupee became attractive as the central bank aggressively increased the key interest rate by 150 basis points to a 91-month (eight-year) high at 12.25percent on May 20," a leading banker, who spoke on condition of anonymity, told.
"Banks have made record investment of Rs3.1 trillion in three-month treasury-bills in the first auction of government securities after the rate hike," he recalled. "The cut-off yield (rate of profit) on short-duration T-bills also increased 150 basis points to 12.75percent in the auction."
Before the latest rate hike, banks' participation in the three-four T-bills auctions had remained dull, the analyst pointed out the other day. The banks have also aggressively invested in the long-term (three and 10 years) Pakistan Investment Bond (PIB) a couple of days ago, the banker maintained.
The rupee has maintained uptrend for the past six working days (May 23-30). It has regained 2.5percent or Rs3.75 in the last one week to date.
Earlier, the rupee had lost 7.5percent to an all-time low closing at Rs151.95 to the greenback in the latest round of rupee deprecation during May 16-22.
To recall, Pakistan aggressively increased the key interest rate and let the rupee depreciate against the dollar under apparent tough conditions set by the International Monetary Fund (IMF) to award a 39-month long loan worth $6 billion to Pakistan.
IMF set...
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