KARACHI: The rupee saw a lengthy appreciation run during a longer six-day week, closing at 181.55 against the US dollar. The State Bank of Pakistan (SBP) had earlier notified that it will now have a six-day working week.
The currency registered gains in all six sessions, ending with a cumulative 1.72% increase amid clarity on the political front and return of somewhat positive market sentiment. The rupee has been under pressure for several months now as a widening current account deficit, falling foreign exchange reserves, and high oil prices have taken a toll on sentiment. However, clarity on the political front with a new prime minister taking oath, and reports of talks with the International Monetary Fund over the 7th review gave a sense of positive direction.
However, analysts say the rupee may stabilise around this level as foreign exchange reserves keep falling, and a trade deficit is likely to add to the pressure. Record-high remittances have taken off some of the heat on the rupee, but it may all be short-lived in the absence of higher exports and slower economic growth.
Rupee maintains momentum, registers seventh straight gain against US dollar
Open-market rates
In the open market, the PKR gained 5.20 rupees for buying and 6 rupees for selling against USD, closing at 181 and 182, respectively.
Against Euro, the PKR gained 5 rupees for buying and 5.50 rupees for selling, closing at 195 and 196.50, respectively. Against UAE Dirham, the PKR gained 1.90 rupees for buying and one rupee for selling, closing at 48.10 and 49.50, respectively. Against Saudi Riyal, the PKR gained 80 paisas for buying and 1.40 rupees for selling closing, at 48.20 and 48.60, respectively.
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THE RUPEE
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Weekly Interbank market rates for dollar
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Bid Close Rs. 181.45
Offer Close Rs. 181.55
Bid Open Rs. 184.40
Offer Open Rs. 184.50
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Weekly Open market rates for dollar
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Bid Close Rs. 181.00
Offer Close Rs. 182.00
Bid Open Rs. 186.20
Offer Open Rs. 188.00
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Copyright Business Recorder, 2022
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