KARACHI: PKR went through a series of up-down movements for second week in a row before ending in red on Friday. During five days of trading, it went up on Tuesday and Wednesday primarily due to positivity generated by agreement signed between Saudi Fund for Development (SFD) and SBP where SFD agreed to deposit $3 billion in 1-year deposit to support Pakistan’s foreign exchange reserves.
However, PKR fell to historic lows against USD and Euro in last two days after market reacted to higher than expected November trade deficit figures. KSE-100 also fell by more than 2,000 points on Thursday due to the same factor.
INTER-BANK MARKET RATES: In the interbank market, Pakistan Rupee overall lost 1.47 rupees for buying and 1.38 rupees for selling against USD over the week; closing at 176.77 and 176.88 respectively.
OPEN MARKET RATES: In the open market, PKR lost one rupee for buying and 50 paisas for selling over the week closing at 179 and 179.50 respectively.
Against Euro, PKR lost 1 rupee for buying and 50 paisas for selling over the week closing at 199 and 200.50 respectively.
Against UAE Dirham, PKR recorded net gain of 90 paisas for both buying and selling closing at 49.40 and 49.80 respectively.
Against Saudi Riyal, PKR overall gained 30 paisas for both buying and selling closing at 46.70 and 47.10 respectively.
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Weekly Interbank market rates for dollar
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Bid Close Rs. 176.77
Offer Close Rs. 176.88
Bid Open Rs. 175.30
Offer Open Rs. 175.50
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Weekly Open market rates for dollar
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Bid Close Rs. 179.00
Offer Close Rs. 179.50
Bid Open Rs. 178.00
Offer Open Rs. 179.00
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Copyright Business Recorder, 2021
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