KARACHI: The rupee saw a disastrous week, losing value in five out of six sessions to depreciate 2.8% against the US dollar, a remarkable turnaround for the currency that had appreciated in prior sessions after the change in government.
Euphoria over the return to political stability was short-lived, and made way for economic fundamentals, which were dominated by headlines of falling foreign exchange reserves, high import bill, and then a widening current account deficit.
The rupee ended at 186.75 against the dollar, close to its historic low of 188.18 recorded just earlier this month.
Rupee falls marginally, ends week at 186.75 against US dollar
Moving forward, ongoing talks with the International Monetary Fund (IMF) and rollover of Chinese loans are likely to set the tone for the currency.
Open-market movement
In the open market, the PKR lost5.25 rupees for buying and 5.50 rupees for selling against USD, closing at 186.25 and 187.50, respectively.
Against Euro, the PKR lost 4 rupees for both buying and selling, closing at 199 and 200.50, respectively.
Against UAE Dirham, the PKR lost 2 rupees for buying and 1.10 rupees for selling, closing at 50.10 and 50.60, respectively.
Against Saudi Riyal, the PKR lost 90 paisas for buying and one rupee for selling closing, at 49.10 and 49.60, respectively.
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THE RUPEE
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Weekly Interbank market rates for dollar
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Bid Close Rs. 186.00
Offer Close Rs. 186.50
Bid Open Rs. 181.45
Offer Open Rs. 181.55
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Weekly Open market rates for dollar
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Bid Close Rs. 186.25
Offer Close Rs. 187.50
Bid Open Rs. 181.00
Offer Open Rs. 182.00
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Copyright Business Recorder, 2022
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