KARACHI: After gaining ground the week before, PKR fell again last week against USD in both interbank and open markets; going below 171 in interbank and coming close to 172 in open market. It also fell against other majors in open market; stopping just shy of 200 against Euro. During five days of trading, even though PKR went up on the last day, the rally was not enough to offset the falls of the entire week resulting in a net weekly loss. Monetary experts continued to point out that PKR will remain under pressure unless the current account deficit is brought under control.
INTER-BANK MARKET RATES: In the interbank market, Pakistan Rupee overall lost 75 paisas for both buying and selling against USD over the week closing at 171.15 and 171.25 respectively.
OPEN MARKET RATES: In the open market, PKR lost 80 paisas for both buying and selling over the week closing at 171.50 and 171.80 respectively.
Against Euro, PKR lost one rupee for buying and 50 paisas for selling over the week closing at 197.50 and 199 respectively. Against UAE Dirham, PKR recorded net loss of 50 paisas for buying and 40 paisas for selling closing at 48.10 and 48.30 respectively.
Against Saudi Riyal, PKR overall lost 30 paisas for both buying and selling closing at 45.50 and 45.70 respectively.
Weekly Interbank market rates for dollar
Bid Close Rs. 171.15
Offer Close Rs. 171.25
Bid Open Rs. 170.40
Offer Open Rs. 170.50
Weekly Open market rates for dollar
Bid Close Rs. 171.50
Offer Close Rs. 171.80
Bid Open Rs. 170.70
Offer Open Rs. 171.00
Copyright Business Recorder, 2021