KARACHI: The rupee remained largely stable during the previous week, gaining 0.8% against the US dollar as the market factored in revival of the International Monetary Fund (IMF) programme.
The rupee started off the week with a loss, but then gained on three successive occasions as the IMF Board gave its green light to Pakistan’s Extended Fund Facility. On Friday, however, the winning streak ended as the rupee registered a minor loss to close at 218.98.
It was the rupee’s movement in the open market that grabbed attention yet again as the spread narrowed with rates in the inter-bank.
Moving forward, analysts expect the rupee to come under some pressure as Pakistan moves to import a higher amount of essential commodities in the wake of floods in the country. However, many also believe that demand could be suppressed, keeping the current account balance in check.
Open-market movement
In the open market, the PKR gained5 rupees for both buying and selling against USD, closing at 223 and 225, respectively.
Against Euro, the PKR gained 8 rupees for both buying and selling, closing at 220 and 222, respectively.
Against UAE Dirham, the PKR gained 2.50 rupees for both buying andselling, closing at 61 and 61.50, respectively.
Against Saudi Riyal, the PKR gained 2 rupees for both buying and selling closing, at 59 and 59.50, respectively.
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THE RUPEE
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Weekly Interbank market rates for dollar
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Bid Close Rs. 219.00
Offer Close Rs. 220.00
Bid Open Rs. 220.50
Offer Open Rs. 221.50
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Weekly Open market rates for dollar
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Bid Close Rs. 223.00
Offer Close Rs. 225.00
Bid Open Rs. 228.00
Offer Open Rs. 230.00
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Copyright Business Recorder, 2022
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