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KARACHI: Over the week, PKR recorded net fall against USD in both interbank and open markets. The highest fall was recorded on first day of the week when it went down by more than one rupee in both markets. After that it continued to go up and down with mixed movements on Friday.

However, compared to losses of the first day, the gains over the week were marginal. It also went down by one rupee against Euro at start of the week but was able to recoup the losses and ended the week at the same point where it had started.

The global currency markets started the week with an interest in riskier assets but over the week risk preference went down with Euro going flat as possibilities of policy tightening went down in Europe. The markets ended the week with a possibility of dollar gaining strength as strong US jobs report over the week raised expectations of US Federal Reserve ending its stimulus sooner than expected.

INTER-BANK MARKET RATES: In the interbank market, Pakistan Rupee overall lost 95 paisas for both buying and selling against USD over the week closing at 163.40 and 163.50 respectively.

OPEN MARKET RATES: In the open market, PKR overall lost one rupee for both buying and selling over the week closing at 163.20 and 163.70 respectively.

Against Euro, PKR remained unchanged for both buying and selling over the week closing at 191 and 192.50 respectively.

Against UAE Dirham, PKR experienced net loss of 30 paisas for both buying and selling closing at 44.25 and 44.45 respectively.

Against Saudi Riyal, PKR overall lost 30 paisas for both buying and selling as well closing at 43.25 and 43.45 respectively.

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THE RUPEE
========================================
Weekly Interbank market rates for dollar
========================================
Bid Close                     Rs. 163.40
Offer Close                   Rs. 163.50
Bid Open                      Rs. 162.45
Offer Open                    Rs. 162.55
========================================
Weekly Open market rates for dollar
========================================
Bid Close                     Rs. 163.20
Offer Close                   Rs. 163.70
Bid Open                      Rs. 162.20
Offer Open                    Rs. 162.70
========================================

Copyright Business Recorder, 2021

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