KARACHI: Over five days of trading last week, PKR experienced net fall against USD in both interbank and open markets falling by more than one rupee. The highest fall was recorded against the Euro in open market against which PKR fell by more than four rupees over the course of the week.
This net change was calculated with respect to rates on 19th July 2021 since markets remained closed from 20th to 23rd July 2021 on account of Eid holidays. For first two days of the week, PKR recorded both gains and losses but over last three days, it went down with highest losses recorded on Friday. In global markets, investors generally remained cautious in anticipation of US Federal Reserve meeting, which was held on Wednesday. After Fed's insistence in the meeting that interest rates increases are still far away, USD fell near one month's low on Friday while Euro rose to a one month high.
INTER-BANK MARKET RATES: In the interbank market, Pakistan Rupee overall lost 1.05 rupees for both buying and selling against USD over the week closing at 162.45 and 162.55 respectively.
OPEN MARKET RATES: In the open market, PKR overall lost 1.20 rupees for both buying and selling over the week closing at 162.20 and 162.70 respectively.
Against Euro, PKR fell by 4.80 rupees for both buying and selling over the week closing at 191 and 192.50 respectively.
Against UAE Dirham, PKR experienced net loss of 70 paisas for buying and 60 paisas for selling closing at 43.95 and 44.15 respectively.
Against Saudi Riyal, PKR overall lost 70 paisas for buying and 60 paisas for selling as well closing at 42.95 and 43.15 respectively.
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THE RUPEE
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Weekly Interbank market rates for dollar.
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BID CLOSE Rs. 162.45
OFFER CLOSE Rs. 162.55
BID OPEN Rs. 161.40
OFFER OPEN Rs. 161.50
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Weekly Open market rates for dollar.
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BID CLOSE Rs. 162.20
OFFER CLOSE Rs. 162.70
BID OPEN Rs. 161.00
OFFER OPEN Rs. 161.50
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Copyright Business Recorder, 2021
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