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KARACHI: The rupee ended 0.65% lower against the US dollar during the previous week as mounting tension between Russia and Ukraine, and repeated warnings by Washington over the conflict kept global markets on the backfoot.

The rupee started off with a 0.43% fall on Monday, depreciating in three of the five sessions to end near the 176 level on Friday. Rise in international oil prices also kept the currency in check, as the hike raises concerns on Pakistan’s import bill. Additionally, a fall in Pakistan’s foreign exchange reserves was also reported during the previous week, adding to the pressure.

Experts believe the rupee is likely to remain range-bound with developments on the international front including oil prices determining the trajectory.

Open-market movement

In the open market, the PKR remained unchanged for both buying and selling over the week, closing at 176.50 and 177.50, respectively. Against Euro, the PKR gained 90 paisas for buying and one rupee for selling over the week, closing at 199.10 and 201, respectively. Against UAE Dirham, the PKR recorded net gain of 30 paisas for both buying and selling, closing at 48.62 and 49.10, respectively. Against Saudi Riyal, the PKR overall lost 5 paisas for both buying and selling, closing at 46.60 and 47.05, respectively.

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THE RUPEE

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Weekly Interbank market rates for dollar

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Bid Close Rs. 175.80

Offer Close Rs. 175.90

Bid Open Rs. 174.75

Offer Open Rs. 174.85

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Weekly Open market rates for dollar

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Bid Close Rs. 176.50

Offer Close Rs. 177.50

Bid Open Rs. 176.50

Offer Open Rs. 177.50

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Copyright Business Recorder, 2022

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