KARACHI: Pakistan’s rupee recorded a new low against USD in the inter-bank last week, falling below 180 in open-market. On Monday, the PKR started in the green as market reacted positively to news of State Bank of Pakistan (SBP) receiving $3 billion 1-year deposit from Saudi Funds for Development.
However, that positivity proved to be short-lived as PKR started to depreciate again on Tuesday as terms and conditions of SFD deposit became clearer i.e., carrying higher interest rate and funds to be used strictly as reserve with no impact on liquidity.
The rupee depreciated further in last three days of the week in reaction to widening trade deficit, increasing import payments and expectation of rate hike in upcoming Monetary Policy Committee meeting on December 24th. General expectation is that policy rate will go up by 100-200 bps.
INTER-BANK MARKET RATES: In the inter-bank market, Pakistan’s rupee overall lost 94 paisas for buying and 93 paisas for selling against USD over the week, closing at 177.71 and 177.81, respectively.
OPEN-MARKET RATES: In the open market, PKR gained 10 paisas for buying while losing 40 paisas for selling over the week, closing at 178.90 and 179.90, respectively.
Against Euro, PKR lost 80 paisas for buying and 1.20 rupees for selling over the week, closing at 199.80 and 201.70, respectively.
Against UAE Dirham, PKR recorded net loss of 20 paisas for buying and 10 paisas for selling, closing at 49.60 and 49.90, respectively.
Against Saudi Riyal, PKR overall lost 55 paisas for buying and 45 paisas for selling, closing at 47.25 and 47.55, respectively.
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Weekly Interbank market rates for dollar
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Bid Close Rs. 177.71
Offer Close Rs. 177.81
Bid Open Rs. 176.77
Offer Open Rs. 176.88
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Weekly Open market rates for dollar
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Bid Close Rs. 178.90
Offer Close Rs. 179.90
Bid Open Rs. 179.00
Offer Open Rs. 179.50
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Copyright Business Recorder, 2021
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