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KARACHI: The rupee lost value in three of the five sessions, ending 0.09% lower week-on-week, but only after it registered a 25-paisa increase on Friday.

The general negative trend was mainly due to rising oil prices in the international market, which raised concerns over Pakistan’s import bill, a key reason behind pressure on the currency in recent months.

International oil prices eased on Friday owing to unexpected rise in US crude and oil inventories and profit taking.

Despite the fall against USD, PKR steadily gained strength against Euro in open market, ending the week in the green.

Meanwhile, the State Bank of Pakistan (SBP) announced that its monetary policy committee will convene today (Monday). Most experts expect the policy rate to remain unchanged.

Open-market movement

In the open market, the PKR lost 1.30 rupees for both buying and selling over the week, closing at 178.30 and 179.30, respectively.

Against Euro, the PKR gained 2 rupees for buying and 2.05 rupees for selling over the week, closing at 199.50 and 201.45, respectively.

Against UAE Dirham, the PKR recorded net loss of 30 paisas for both buying and selling, closing at 48.72 and 49.20, respectively.

Against Saudi Riyal, the PKR overall lost 25 paisas for both buying and selling, closing at 46.75 and 47.20, respectively.

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Weekly Interbank market rates for dollar

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Bid Close Rs. 176.20

Offer Close Rs. 176.30

Bid Open Rs. 176.00

Offer Open Rs. 176.10

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Weekly Open market rates for dollar

========================================

Bid Close Rs. 178.30

Offer Close Rs. 179.30

Bid Open Rs. 177.00

Offer Open Rs. 178.00

========================================

Copyright Business Recorder, 2022

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