KARACHI: PKR started the week by, from the looks of it, resuming its downward movement after halting the slide on Thursday and Friday last week. It went down against USD in both interbank and open markets going below 169 in open market. It however remained unchanged against Euro in open market at 199; just shy of 200 mark while going below 45 against SR. On Monday, SBP Monetary Policy Committee raised key interest rate by 25 basis points bringing it to 7.25% to find a balance between growing current account deficit and economic growth. Theoretically, this raise should have a positive impact on PKR’s downward movement in the coming days.
INTER-BANK MARKET RATES: In the interbank market, Pakistan Rupee lost 55 paisas for both buying and selling against USD over last week’s rates closing at 168.70 and 168.80 respectively.
OPEN MARKET RATES: In the open market, PKR lost 80 paisas for both buying and selling over last week’s rates closing at 169.30 and 169.60 respectively.
Against Euro, PKR remained unchanged for both buying and selling closing at 197.50 and 199 respectively.
Against UAE Dirham, PKR lost 30 paisas for both buying and selling closing at 46.60 and 46.80 respectively.
Against Saudi Riyal, PKR lost 25 paisas for both buying and selling closing at 45 and 45.20 respectively.
======================== Open Bid Rs 169.30 Open Offer Rs 169.60 ========================
Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday.
======================== Bid Rate Rs 168.70 Offer Rate Rs 168.80 ========================
RUPEE IN LAHORE: The Pak rupee depreciated its worth in the process of trading against the greenback in the open currency market on Monday.
Following fresh buyers' interest in the market, the greenback opened on a positive note and kept on rising throughout the trading session. As a result, the greenback closed higher for buying and selling at Rs 169.30 and Rs 170.30 as compared to the previous closing rate of Rs 168.40 and Rs 169.30, respectively, local currency dealers said.
Furthermore, the rupee witnessed volatile trend in relation to the pound sterling and was bought and sold at Rs 231.50 and Rs 233.00 against Friday's closing rate of Rs 231.30 and Rs 233.50, respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained strength against the rupee at the open currency markets of Islamabad and Rawalpindi here on Monday.
The dollar opened at Rs 170(buying) and Rs170.10(selling) against last rate of Rs169.20(buying) and Rs 169.390(selling).
It closed at Rs 170(buying) and Rs170.10(selling).
The buying and selling rates of one tola of gold remained Rs. 109,700 (buying) and Rs109,500(selling).
Copyright Business Recorder, 2021