KARACHI: The rupee endured a tough previous week, closing negative across all five sessions to end at a historic low of 301 against the US dollar in the inter-bank market.
The currency fell 1.7% against the greenback, but the gap with rates in the open market continued to stay over the prescribed limit by the International Monetary Fund (IMF), raising concerns over further fall in the inter-bank market. The IMF has set a benchmark of 1.25% as the difference between the two markets.
However, concerns over Pakistan’s rising imports as restrictions ease, a widening current account deficit that clocked in at the highest level since October 2022, and falling foreign exchange reserves with no inflows in sight are keeping pressure on the rupee that breached the 300 level for the first time in the inter-bank market in the previous week.
Open-market rates
In the open market, the PKR lost 12.00 rupees for both buying and selling against USD, closing at 311.00 and 314.00, respectively.
Against Euro, the PKR lost 11.00 rupees for both buying and selling, closing at 336.00 and 339.00, respectively.
Against UAE Dirham, the PKR lost 3.50 rupees for both buying and selling, closing at 86.20 and 87.00, respectively.
Against Saudi Riyal, the PKR lost 4.20 rupees for buying and 3.50 rupees for selling, closing at 83.20 and 84.00, respectively.
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THE RUPEE
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Weekly inter-bank market rates for dollar
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Bid Close Rs. 300.80
Offer Close Rs. 301.05
Bid Open Rs. 295.70
Offer Open Rs. 295.90
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Weekly open-market rates for dollar
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Bid Close Rs. 311.00
Offer Close Rs. 314.00
Bid Open Rs. 299.00
Offer Open Rs. 302.00
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Copyright Business Recorder, 2023
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