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KARACHI: PKR went through a series of up-down movements last week with no clear definite direction. It even moved in opposite directions against USD in interbank and open markets for a couple of days. The upward movement during the week was brought on primarily by positive sentiments that prevailed in the market after a staff level agreement was announced with IMF regarding Extended Fund Facility (EFF) last Monday.

However that positivity proved short lived and PKR started to fall again after two days. Advisor to PM on Finance, Shaukat Tarin again pointed to speculators as a factor behind continued devaluation of PKR last Friday. He stated that based on Real Effective Exchange, PKR should be around 165-167 mark against USD and thus was optimistic that it will reverse course amid measures taken by the government.

INTER-BANK MARKET RATES: In the interbank market, Pakistan Rupee overall lost 20 paisas for buying and 30 paisas for selling against USD over the week; closing at 175.30 and 175.50 respectively.

OPEN MARKET RATES: In the open market, PKR lost 2 rupees for both buying and selling over the week closing at 178 and 179 respectively.

Against Euro, PKR lost 1 rupee for buying and 1.50 rupees for selling over the week closing at 198 and 200 respectively.

Against UAE Dirham, PKR recorded net loss of 1 rupee for buying and 90 paisas for selling closing at 50.30 and 50.70 respectively.

Against Saudi Riyal, PKR overall lost 60 paisas for buying and 70 paisas for selling closing at 47 and 47.40 respectively.

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Weekly Interbank market rates for dollar

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Bid Close Rs.175.30

Offer Close Rs.175.50

Bid Open Rs.175.10

Offer Open Rs.175.20

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Weekly Open market rates for dollar

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Bid Close Rs.178.00

Offer Close Rs.179.00

Bid Open Rs.176.00

Offer Open Rs.177.00

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Copyright Business Recorder, 2021

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