KARACHI: During five days of trading last week, PKR recorded gains for first three days and recorded losses in last two days resulting in a net gain at the end of week. The highest weekly gain was against the Euro where PKR appreciated by almost 2.7% in open market. Euro also saw itself lose to dollar in international markets on account of higher expected US interest rates.
During the week, Pakistani market reacted to several local developments, important of which were Advisor to PM on Finance Shaukat Tarin’s and SBP’s warning to speculators and their role in recent PKR devaluation and expectation of policy rate hike by Monetary Policy Committee of State Bank of Pakistan due on November 19th. MPC eventually raised the policy rate by 150 bps on Friday bringing it to 8.75%.
INTER-BANK MARKET RATES: In the interbank market, Pakistan Rupee overall gained 63 paisas for both buying and selling against USD over the week; closing at 175.10 and 175.20 respectively.
OPEN MARKET RATES: In the open market, PKR gained one rupee for both buying and selling over the week closing at 176 and 177 respectively.
Against Euro, PKR gained 5 rupees for buying and 5.50 rupees for selling over the week closing at 197 and 198.50 respectively. Against UAE Dirham, PKR recorded net gain of 60 paisas for both buying and selling closing at 49.30 and 49.80 respectively.Against Saudi Riyal, PKR overall gained 20 paisas for buying and 30 paisas for selling closing at 46.40 and 46.70 respectively.
Weekly Interbank market rates for dollar
Bid Close Rs.175.10
Offer Close Rs.175.20
Bid Open Rs.175.73
Offer Open Rs.175.83
Weekly Open market rates for dollar
Bid Close Rs.176.00
Offer Close Rs.177.00
Bid Open Rs.177.00
Offer Open Rs.178.00
Copyright Business Recorder, 2021