KARACHI: PKR started last week in the negative but took a breather mid week and ended on a positive note against USD in both interbank and open markets with significantly higher gains in open market than in interbank market. During five days of trading; even though PKR reported falls for first three days, it regained enough value in last two days to end the week with gains in excess of one rupee against USD and around 2 rupees against Euro in open market.
This positive change may be due to regulatory measures introduced by SBP during the week that included steps to check dollar outflow to foreign countries particularly Afghanistan whose economic system has been under turmoil after US withdrawal and to enhance transparency in foreign currency transactions by exchange companies.
INTER-BANK MARKET RATES: In the interbank market, Pakistan Rupee overall reported gain of 5 paisas for both buying and selling against USD over the week closing at 170.40 and 170.50 respectively.
OPEN MARKET RATES: In the open market, PKR overall gained 1.30 rupees for buying and 1.60 rupees for selling over the week closing at 170.70 and 171 respectively.
Against Euro, PKR gained 2.50 rupees for buying and 2 rupees for selling over the week closing at 196.50 and 198.50 respectively.
Against UAE Dirham, PKR recorded net gain of 30 paisas for both buying and selling closing at 47.60 and 47.90 respectively.
Against Saudi Riyal, PKR overall gained 50 paisas for both buying and selling closing at 45.20 and 45.40 respectively.
Weekly Interbank market rates for dollar
Bid Close Rs. 170.40
Offer Close Rs. 170.50
Bid Open Rs. 170.45
Offer Open Rs. 170.55
Weekly Open market rates for dollar
Bid Close Rs. 170.70
Offer Close Rs. 171.00
Bid Open Rs. 172.00
Offer Open Rs. 172.60
Copyright Business Recorder, 2021