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KARACHI: The rupee had yet another woeful week, losing value in all five sessions for a cumulative fall of 3.7% to end at 236.84, precariously close to its all-time weakest level of 239.94 in the inter-bank market.

The disastrous week meant the rupee has not gained in value for 11 sessions against the US dollar, and takes the currency’s cumulative depreciation to 7.7% since September 1.

The fall comes on the back of several reasons including devastating floods and expectations of a higher import bill in coming months due to higher inward shipments of food-items. Smuggling and US dollar’s global strength as the Federal Reserve looks poised to unleash another massive interest rate increase this week after the latest data showed a worrying US inflation picture have also added to pressure on the rupee.

On Sunday, the Saudi Fund for Development (SFD) confirmed a rollover of $3 billion deposits maturing on December 5, 2022, for one year, according to the State Bank of Pakistan (SBP), but the announcement is unlikely to alleviate pressure on the rupee, especially since there will be no material impact on the country’s foreign exchange reserves.

During the week, Finance Minister Miftah Ismail, in a conversation with a private TV channel, moved to pacify the currency markets, saying that a number of measures to curb the rupee’s fall were likely. However, he did not outline specifics.

Open-market rates

In the open market, the PKR lost 6.50 rupees for both buying and selling against USD, closing at 239 and 241, respectively.

Against Euro, the PKR lost 10 rupees for both buying and selling, closing at 242 and 244, respectively.

Against UAE Dirham, the PKR lost 4.50 rupees for buying and 4.40 rupees for selling, closing at 68 and 68.50, respectively.

Against Saudi Riyal, the PKR lost 2.50 rupees for both buying and selling closing, at 64 and 64.50, respectively.

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THE RUPEE

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Weekly Interbank market rates for dollar

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Bid Close Rs. 237.00

Offer Close Rs. 238.00

Bid Open Rs. 228.50

Offer Open Rs. 229.50

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Weekly Open market rates for dollar

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Bid Close Rs. 239.00

Offer Close Rs. 241.00

Bid Open Rs. 232.50

Offer Open Rs. 234.50

========================================

Copyright Business Recorder, 2022

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