KARACHI: The rupee saw another week of positivity, gaining 1.8% during the five sessions to close at 282.69 against the US dollar in the inter-bank market. The gains took the winning streak to 22 sessions, and helped the rupee close at its highest level since July.
At the same time, the gap with rates in the open market narrowed to negligible levels, meeting a key condition of the programme with the International Monetary Fund (IMF).
The increase has come on the back of administrative measures including a crackdown on smuggling and structural reforms in the Exchange Companies’ sector.
Meanwhile, during the previous week, the Ministry of Finance asked all ministries to implement all the IMF as the first review under the Standby Arrangement (SBA) becomes due.
Open-market rates
In the open market, the PKR gained 6.50 rupees for both buying and selling against USD, closing at 278.50 and 281.50, respectively.
Against Euro, the PKR gained 8.00 rupees for both buying and selling, closing at 295.00 and 298.00, respectively.
Against UAE Dirham, the PKR gained 2.50 rupees for buying and 2.60 rupees for selling, closing at 76.50 and 77.20, respectively.
Against Saudi Riyal, the PKR gained 1.00 rupee for both buying and selling, closing at 74.50 and 75.20, 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. 282.65
Offer Close Rs. 282.85
Bid Open Rs. 287.70
Offer Open Rs. 287.90
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Weekly open-market rates for dollar
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Bid Close Rs. 278.50
Offer Close Rs. 281.50
Bid Open Rs. 285.00
Offer Open Rs. 288.00
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Copyright Business Recorder, 2023
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