KARACHI: The rupee ended 0.3% lower against the US dollar during the previous week, despite having registered a gain on Friday as the Senate passed the State Bank of Pakistan (SBP) (Amendment) Bill, 2021, giving a boost to the currency.
The rupee started off with three successive falls before remaining stable on Thursday. However, Friday was the turning point as the government scrambled to meet the last condition of the International Monetary Fund (IMF) programme ahead of the sixth review of the Extended Fund Facility (EFF) now scheduled to be held on February 2. The rupee registered a 0.12% gain, but it was not enough to erase the losses sustained earlier in the week.
The rupee movement was primarily dictated by movement in oil prices in the international market in the backdrop of geopolitical developments taking place in the Middle East and Eastern Europe. Additionally, the US dollar strengthened in the international market due to interest rates hikes and hawkish statements from the Federal Reserve.
In the open market, the PKR gained 80 paisas for both buying and selling over the week, closing at 177.50 and 178.50, respectively.
Against Euro, the PKR gained 1.50 rupees for both buying and selling over the week, closing at 198 and 199.95, respectively.
Against UAE Dirham, the PKR recorded net loss of 70 paisas for both buying and selling, closing at 49.42 and 49.90, respectively. Against Saudi Riyal, the PKR overall lost 25 paisas for both buying and selling, closing at 47 and 47.45, respectively.
Weekly Interbank market rates for dollar
Bid Close Rs. 176.70
Offer Close Rs. 176.80
Bid Open Rs. 176.20
Offer Open Rs. 176.30
Weekly Open market rates for dollar
Bid Close Rs. 177.50
Offer Close Rs. 178.50
Bid Open Rs. 178.30
Offer Open Rs. 179.30
Copyright Business Recorder, 2022