KARACHI: The rupee gained nearly 4% against the US dollar during a shortened previous week, extending its winning run to nine sessions to eventually close at 215.49 in the inter-bank market.
The level is a far cry from where the rupee closed on July 28 when it registered its all-time low of 239.94. Since then, it has registered gains in nine successive sessions, appreciating over Rs24.45 or 11.3% against the US dollar.
The winning run comes on the back of major developments over the International Monetary Fund (IMF) front, starting from the Washington-based lender’s statement on Pakistan completing its last prior action, exporters realising their proceeds, and a lower import bill that took pressure off persistently-falling foreign exchange reserves.
While Pakistan reported reserves held by the State Bank of Pakistan (SBP) at under $8 billion in the previous week, reports that UAE has expressed its commitment to invest $1 billion along with Saudi Arabia’s plans to renew its $3-billion deposit in assistance and intention to provide $100 million per month for 10 months in petroleum products as additional support are likely to keep the rupee away from pressure.
In the open market, the PKR gained 9 rupees for both buying and selling against USD, closing at 211 and 213, respectively.
Against Euro, the PKR gained 7 rupees for both buying and selling, closing at 217 and 219, respectively.
Against UAE Dirham, the PKR gained 2.80 rupees for buying and 2.60 rupees for selling, closing at 57.50 and 58.20, respectively.
Against Saudi Riyal, the PKR gained 1.90 rupees for both buying and selling closing, at 56.20 and 56.70, respectively.
Weekly Interbank market rates for dollar
Bid Close Rs. 215.50
Offer Close Rs. 216.50
Bid Open Rs. 224.00
Offer Open Rs. 225.00
Weekly Open market rates for dollar
Bid Close Rs. 211.00
Offer Close Rs. 213.00
Bid Open Rs. 220.00
Offer Open Rs. 222.00
Copyright Business Recorder, 2022