State Bank of Pakistan on Friday injected Rs2,076.4 billion into money market through its open market operation. Rupees 2035.9 billion were placed as reverse repo purchase. Of these, Rs100.650 billion were pumped for 7 days at 16.24 % rate of return accepted per annum and Rs1935.250 billion for 70 days at 16.10 % r.r.a per annum. Meanwhile, Rs40.5 billion (face value of collateral) were injected for 70 days through Shariah Compliant Mudarabah based OMO at the cut-off rate of 16.09 percent.
Rupee loses
The exchange rate of the Pakistan rupee depreciated by 23 paisa against the US dollar in the interbank trading on Friday and closed at Rs224.93 against the previous day’s closing of Rs224.70. According to the Forex Association of Pakistan (FAP), the buying and selling rates of dollar in the open market were recorded at Rs231.8 and Rs234.1 respectively. The price of the euro was increased by 07 paisa and closed at Rs239.19 against the previous day’s closing of Rs239.12, according to State Bank of Pakistan (SBP).
The Japanese Yen lost two paisa to close at Rs1.63, whereas a decrease of Rs4.00 was witnessed in the exchange rate of the British Pound, which was traded at Rs274.02 as compared to its last closing of Rs278.02. The exchange rates of the Emirates Dirham and Saudi Riyal increased by 07 paisa each to close at Rs61.24 and Rs59.80.
