The State Bank of Pakistan reported that in interbank, the price of euro appreciated by Rs. 1.20 to close at Rs. 194.22 against the last day’s trading of Rs. 193.06.
No outcome is expected at the summit until evening, at best, but an agreement or a collapse in the talks would have a major impact on the currency when trading resumes.
Markets appear to be constructive on the euro in an anticipation of progress towards the recovery fund at the EU summit over the weekend.
I think there is a little bit of optimism today for the dinner that is taking place tonight at 10 Downing Street.
"The market is looking at what is going to give a boost in the next six months... but I think it's mostly flow driven and volumes that are not really heavy."