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KARACHI: The rupee appreciated throughout the previous week to finish with a substantial 1.3% gain as Pakistan earned the International Monetary Fund (IMF) approval for its sixth review of the Extended Fund Facility (EFF).

The IMF board approval, which came in a meeting held during the week, came after Pakistan scrambled through to meet all prior conditions including the State Bank of Pakistan (SBP) (Amendment) Bill, 2021.

The revival of the programme makes available around $1 billion in budgetary support for Pakistan. Additionally, inflow from the Sukuk issuance, and news of Pakistan continuing to tap international markets helped calm nerves in the currency market.

The rupee, which has now registered six successive gains, closed the previous week at its highest level against the US dollar since November 23, after a 0.6% increase on Friday alone.

Open-market movement

In the open market, PKR gained 1.50 rupees for both buying and selling over the week, closing at 176 and 177, respectively.

Against Euro, the PKR lost 1.50 rupees for buying and 1.05 rupees for selling over the week, closing at 199.50 and 201, respectively.

Against UAE Dirham, the PKR recorded net gain of 52 paisas for buying and 60 paisas for selling, closing at 48.90 and 49.30, respectively. Against Saudi Riyal, the PKR overall gained 70 paisas for buying and 65 paisas for selling, closing at 46.30 and 46.80, respectively.

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THE RUPEE

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Weekly Interbank market rates for dollar

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Bid Close Rs. 174.35

Offer Close Rs. 174.45

Bid Open Rs. 176.70

Offer Open Rs. 176.80

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Weekly Open market rates for dollar

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Bid Close Rs. 176.00

Offer Close Rs. 177.00

Bid Open Rs. 177.50

Offer Open Rs. 178.50

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Copyright Business Recorder, 2022

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