KARACHI: The rupee increased marginally for the fifth consecutive week as it gained Re0.19 or 0.07% against the US dollar in the inter-bank market.
The local unit closed the week at 277.95, compared to 278.14 it had closed the week earlier against the greenback.
In a key development during the previous week, data released by the National Accounts Committee (NAC) revealed that the country’s Gross Domestic Product (GDP) posted a modest growth of 1% during the 2nd quarter against the revised 2.5% in the 1st quarter of the current fiscal year 2023-24 and 2.2% in the 2nd quarter of the last fiscal year 2022-23.
Meanwhile, foreign exchange reserves held by the State Bank of Pakistan (SBP) increased marginally by $4 million on a weekly basis, clocking in at $8.022 billion as of March 22. Total liquid foreign reserves held by the country stood at $13.428 billion. Net foreign reserves held by commercial banks stood at $5.406 billion. In three weeks, SBP reserves increased by $126 million.
In the open market, the PKR gained 28 paisa for buying and 46.00 paisa for selling against USD, closing at 277.86 and 280.27, respectively.
Against Euro, the PKR gained 1.89 rupee for buying and 1.99 rupee for selling, closing at 297.63 and 300.47, respectively.
Against UAE Dirham, the PKR gained 10 paisa for both buying and selling, closing at 75.40 and 76.12, respectively.
Against Saudi Riyal, the PKR gained 9 paisa for buying and 7 paisa for selling, closing at 73.65 and 74.35, 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. 277.95
Offer Close Rs. 278.15
Bid Open Rs. 278.14
Offer Open Rs. 278.34
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Weekly open-market rates for dollar
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Bid Close Rs. 277.86
Offer Close Rs. 280.27
Bid Open Rs. 278.14
Offer Open Rs. 280.73
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Copyright Business Recorder, 2024
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