KARACHI: The rupee ended 0.14% lower during the previous week, but endured a volatile ride as escalation in the conflict between Russia and Ukraine, skyrocketing oil prices in the international market, and a record-high current account deficit in January took a toll on market sentiment.
The week started off on a positive note for the rupee before the Russia-Ukraine conflict took centre-stage. Subsequent initiation of armed conflict between the two countries on Thursday pushed global oil prices beyond $100 per barrel last week, enveloping global markets including Pakistan equities.
Rupee crosses 177 against US dollar after record C/A deficit, high oil prices
Oil prices retreated, but remained near $98 per barrel on Friday. During the week, Pakistan also reported a current account deficit of nearly $2.6 billion in January, while foreign exchange reserves registered a dip, putting further pressure on the currency that closed over the 177 level.
Open-market movement
In the open market, the PKR lost one rupee for both buying and selling over the week, closing at 177.50 and 178.50, respectively. Against Euro, the PKR gained 1.60 rupees for buying and 1.50 rupees for selling over the week, closing at 197.50 and 199.50, respectively. Against UAE Dirham, the PKR recorded net gain of 2 paisas for buying and 10 paisas for selling, closing at 48.60 and 49, respectively. Against Saudi Riyal, the PKR overall lost 20 paisas for buying and 15 selling, closing at 46.80 and 47.20, respectively.
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THE RUPEE
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Weekly Interbank market rates for dollar
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Bid Close Rs. 177.00
Offer Close Rs. 177.10
Bid Open Rs. 175.80
Offer Open Rs. 175.90
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Weekly Open market rates for dollar
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Bid Close Rs. 177.50
Offer Close Rs. 178.50
Bid Open Rs. 176.50
Offer Open Rs. 177.50
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Copyright Business Recorder, 2022
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