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KARACHI: The rupee registered gains in three of the five sessions against the US dollar, finishing with overall appreciation of 0.34% in the inter-bank market as several key developments helped its trajectory. By the end of the week, the rupee appreciated to 176.07 against the US dollar in the inter-bank market.

On Thursday, the National Assembly passed the Finance (Supplementary) Bill, 2021 as well as the State Bank of Pakistan (Amendment) Bill, 2021, meeting key conditions ahead of the International Monetary Fund (IMF) board meeting on Pakistan’s sixth review of the Extended Fund Facility (EFF). The IMF programme, many believe, is crucial to provide stability to the currency market that has seen the rupee lose its value, and endure volatility in the face of a rising import bill.

Open-market movement

In the open market, the PKR gained 1.50 rupees for both buying and selling against the US dollar over the week, closing at 177 and 178, respectively. Against Euro, the PKR lost 1.80 rupees for buying and 2 rupees for selling over the week, closing at 201.50 and 203.50, respectively. Against UAE Dirham, the PKR recorded net gain of 1.08 rupees for buying and one rupee for selling, closing at 48.42 and 48.90, respectively.

Against Saudi Riyal, the PKR overall gained 40 paisas for buying and 35 paisas for selling, closing at 46.50 and 46.95, respectively.

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Weekly Interbank market rates for dollar

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Bid Close Rs. 176.00

Offer Close Rs. 176.10

Bid Open Rs. 176.50

Offer Open Rs. 176.60

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Weekly Open market rates for dollar

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Bid Close Rs. 177.00

Offer Close Rs. 178.00

Bid Open Rs. 178.50

Offer Open Rs. 179.50

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Copyright Business Recorder, 2022

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