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KARACHI: The rupee remained largely stable against the US dollar in the inter-bank market during the previous week, recording only a marginal 0.05% fall during the five days of trading.

In the open market however, it recorded gains of around 0.88% against the dollar, thereby reducing the spread.

Stability in the currency has been attributed to a current account deficit that was below market expectations, and different measures introduced by the State Bank of Pakistan (SBP). The new regulatory measures included fixing a maximum limit of $100,000 per person per calendar year for buying foreign currency in the open market in order to control speculation and foreign currency demand.

Meanwhile, despite the stability against the US dollar, the rupee touched a new low against UAE Dirham last week, crossing 51 in the open market.

Open-market movement

In the open market, the PKR gained 1.60 rupees for both buying and selling against the US dollar, thus reversing losses before closing at 178.90 and 179.90, respectively.

Against Euro, the PKR gained 50 paisas for both buying and selling over the week, closing at 200.50 and 202, respectively. Against UAE Dirham, the PKR recorded net loss of 60 paisas for both buying and selling, closing at 50.70 and 51.10, respectively. Against Saudi Riyal, the PKR overall gained 20 paisas for buying and 25 paisas for selling, closing at 47.20 and 47.60, respectively.

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Weekly Interbank market rates for dollar

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Bid Close Rs 178.05

Offer Close Rs 178.15

Bid Open Rs 178.00

Offer Open Rs 178.10

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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 180.50

Offer Open Rs 181.50

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Copyright Business Recorder, 2021

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