KARACHI: Rupee maintained its gradual downturn for another week as it lost Re0.30 or 0.11% in the inter-bank market.
The local unit closed at 279.97, against 279.67 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
In a key development, Pakistan’s headline inflation clocked in at 1.5% on a year-on-year basis in February 2025, a reading below that of January 2025 when it stood at 2.4%, showed Pakistan Bureau of Statistics (PBS) data.
Pakistan’s trade deficit significantly increased by over 33% to $2.3 billion in February 2025, as compared to the same month of the previous year.
The country’s trade balance, the gap between exports and imports, was recorded at a deficit of $1.72 billion in February 2024. The country is “likely to pass” the ongoing first review of its $7 billion Extended Fund Facility (EFF) programme with the International Monetary Fund (IMF), Bloomberg reported citing officials and diplomats familiar with the matter. The report said that the country had made enough progress to raise revenue.
Meanwhile, foreign exchange reserves held by the SBP increased by $27 million on a weekly basis, clocking in at $11.25 billion as of February 28. Total liquid foreign reserves held by the country stood at $15.87 billion. Net foreign reserves held by commercial banks stood at $4.62 billion.
Open-market rates
In the open market, the PKR lost 12 paise for buying and 17 paise for selling against USD, closing at 279.25 and 281.47, respectively.
Against Euro, the PKR lost 11.65 rupees for buying and 11.69 rupees for selling, closing at 301.60 and 304.66, respectively.
Against UAE Dirham, the PKR lost 6 paise for buying and 10 paise for selling, closing at 76.11 and 76.70, respectively. Against Saudi Riyal, the PKR lost 5 paise for buying and 15 paisa for selling, closing at 74.40 and 75.00, 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. 279.97
Offer Close Rs. 280.17
Bid Open Rs. 279.67
Offer Open Rs. 279.87
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Weekly open-market rates for dollar
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Bid Close Rs. 279.25
Offer Close Rs. 281.47
Bid Open Rs. 279.13
Offer Open Rs. 281.30
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Copyright Business Recorder, 2025
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