Value lost much lesser

KARACHI: Even though PKR ended the week against USD in the red, the value lost was much lesser than the week before. This was, according to analysts, primarily due to a warning to speculators by SBP Deputy Governor during a discussion on TV and SBP Monetary Policy Committee meeting due on Monday, 20 September 2021.

PKR also ended the week on a positive note against Euro in open market due to these developments even though it had touched 200 and crossed it during the week. During five days of trading, highest falls were witnessed on Tuesday and Wednesday. It reversed its movement on Thursday after SBP Deputy Governor's warning was aired on TV and largely remained unchanged on Friday. However, very little change in weekly fall rate was observed against AED and SR. In global currency markets, USD ended the week on a three-week high as better than expected US retail sales data raised expectations that Fed would taper its economic policy earlier than expected. This also led to a rise in US Treasury yields thus reinforcing bullish sentiments for US currency.

INTER-BANK MARKET RATES: In the interbank market, Pakistan Rupee overall lost 15 paisas for both buying and selling against USD over the week closing at 168.15 and 168.25 respectively.

OPEN MARKET RATES: In the open market, PKR overall lost 10 paisas for both buying and selling over the week closing at 168.50 and 168.80 respectively.

Against Euro, PKR gained 50 paisas for both buying and selling over the week thus reversing losses of the week before closing at 197.50 and 199 respectively.

Against UAE Dirham, PKR recorded net loss of 30 paisas for both buying and selling closing at 46.30 and 46.50 respectively. Against Saudi Riyal, PKR overall lost 25 paisas for buying and 20 paisas for selling as well closing at 44.75 and 44.95 respectively.

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Weekly Interbank market rates for dollar

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Bid Close Rs. 168.15

Offer Close Rs. 168.25

Bid Open Rs. 168.00

Offer Open Rs. 168.10

Weekly Open market rates for dollar

Bid Close Rs. 168.50

Offer Close Rs. 168.80

Bid Open Rs. 168.40

Offer Open Rs. 168.70

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Copyright Business Recorder, 2021