KARACHI: The rupee remained largely stable during the week, ending with a 0.57% gain as the market considered Pakistan’s macroeconomic indicators and ongoing talks with the International Monetary Fund (IMF) as giving some level of clarity going forward.
At the end of the week, the rupee closed at 185.69 against the US dollar ahead of long Eid holidays.
Prime Minister Shehbaz Sharif also undertook a trip to Saudi Arabia, with reports indicating the premier visited the kingdom to enhance levels of bilateral cooperation as well as augment the oil facility that was extended by this major oil-producing country last year.
Together with the IMF’s Extended Fund Facility, Pakistan is looking to boost its foreign exchange reserves that have fallen to less than two months of import cover.
With a current account deficit reported at over $ 1 billion for March, Islamabad is currently in a precarious situation, looking to balance economic growth and increasing financing needs, which have put pressure on the rupee.
In the open market, the PKR gained 25 paisas for buying and 50 paisas for selling against USD, closing at 186 and 187, respectively.
Against Euro, the PKR gained 3 rupees for buying and 2.50 rupees for selling, closing at 196 and 198, respectively.
Against UAE Dirham, the PKR lost 40 paisas for buying and 30 paisas for selling, closing at 50.50 and 50.90, respectively.
Against Saudi Riyal, the PKR gained 10 paisas for buying and 30 paisas for selling closing, at 49 and 49.30, respectively.
Weekly Interbank market rates for dollar
Bid Close Rs. 185.30
Offer Close Rs. 185.80
Bid Open Rs. 186.00
Offer Open Rs. 186.50
Weekly Open market rates for dollar
Bid Close Rs. 186.00
Offer Close Rs. 187.00
Bid Open Rs. 186.25
Offer Open Rs. 187.50
Copyright Business Recorder, 2022