KARACHI: The rupee endured a tumultuous week, ending at its historic low value against the US dollar in the inter-bank market, with political uncertainty, falling foreign exchange reserves, and general lack of confidence in Pakistan’s economy driving the negative market sentiment.
During the 5 sessions, the rupee lost nearly 1.3% to end at 184.09. Moody’s Investors Service said that it sees the no-confidence motion against Prime Minister Imran Khan as a ‘credit-negative’ event, while foreign exchange reserves were reported to have fallen by nearly $3 billion. These developments are likely to keep pressure on the rupee with Sunday’s proceedings – where the National Assembly was dissolved after the no-confidence vote was dismissed – adding to the pressure. The call for early elections, market players say, may give a sense of clarity, but raises more questions than it answers.
Open-market movement
In the open market, the PKR lost2.50rupees for both buying and selling against USD, closing at 184.50 and 185.50, respectively.
Rupee hits record low again as market sentiment rattled
Against Euro, the PKR lost 1.40 rupees for buying and 1.50 rupees for selling, closing at 200.50 and 202.50, respectively.
Against UAE Dirham, the PKR gained 5 paisas for both buying andselling, closing at 49.86 and 50.35, respectively.
Against Saudi Riyal, the PKR lost 35 paisas for both buying and selling, closing at 48.65 and 49.10, respectively.
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THE RUPEE
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Weekly Interbank market rates for dollar
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Bid Close Rs. 184.20
Offer Close Rs. 184.30
Bid Open Rs. 181.65
Offer Open Rs. 181.75
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Weekly Open market rates for dollar
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Bid Close Rs. 184.50
Offer Close Rs. 185.50
Bid Open Rs. 182.00
Offer Open Rs. 183.00
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Copyright Business Recorder, 2022
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