AVN 65.31 Decreased By ▼ -0.86 (-1.3%)
BAFL 30.25 No Change ▼ 0.00 (0%)
BOP 4.63 Decreased By ▼ -0.10 (-2.11%)
CNERGY 3.89 Decreased By ▼ -0.12 (-2.99%)
DFML 13.50 Decreased By ▼ -0.60 (-4.26%)
DGKC 42.15 Decreased By ▼ -1.54 (-3.52%)
EPCL 46.13 Increased By ▲ 1.48 (3.31%)
FCCL 11.45 Decreased By ▼ -0.38 (-3.21%)
FFL 5.19 Increased By ▲ 0.22 (4.43%)
FLYNG 5.82 Decreased By ▼ -0.28 (-4.59%)
GGL 10.04 Decreased By ▼ -0.34 (-3.28%)
HUBC 63.21 Increased By ▲ 0.91 (1.46%)
HUMNL 5.73 Decreased By ▼ -0.12 (-2.05%)
KAPCO 27.81 Increased By ▲ 0.26 (0.94%)
KEL 2.15 Decreased By ▼ -0.06 (-2.71%)
LOTCHEM 25.37 Decreased By ▼ -1.23 (-4.62%)
MLCF 21.65 Decreased By ▼ -0.87 (-3.86%)
NETSOL 84.95 Decreased By ▼ -1.25 (-1.45%)
OGDC 86.64 Increased By ▲ 0.37 (0.43%)
PAEL 10.96 Decreased By ▼ -0.31 (-2.75%)
PIBTL 4.21 Decreased By ▼ -0.07 (-1.64%)
PPL 78.65 Decreased By ▼ -1.43 (-1.79%)
PRL 13.61 Decreased By ▼ -0.05 (-0.37%)
SILK 0.88 Decreased By ▼ -0.02 (-2.22%)
SNGP 41.00 Decreased By ▼ -0.75 (-1.8%)
TELE 6.01 Decreased By ▼ -0.20 (-3.22%)
TPLP 16.02 Decreased By ▼ -0.25 (-1.54%)
TRG 111.89 Decreased By ▼ -0.66 (-0.59%)
UNITY 14.01 Decreased By ▼ -0.34 (-2.37%)
WTL 1.14 Decreased By ▼ -0.06 (-5%)
BR100 4,026 Decreased By -48.6 (-1.19%)
BR30 14,402 Decreased By -123 (-0.85%)
KSE100 40,451 Decreased By -396 (-0.97%)
KSE30 15,110 Decreased By -101.7 (-0.67%)
Follow us

KARACHI: The rupee gained nearly 5% during the previous week, appreciating in value across all the five sessions against the US dollar as the return of Ishaq Dar at helm of Pakistan’s economic affairs gave impetus to a bullish sentiment in the money market.

The rupee closed at 228.45 in the inter-bank market, moving almost Rs11.2 higher as the US dollar index, which measures the greenback against the euro, sterling and four other major peers, also moved lower.

Analysts said the return of Dar, widely seen as an advocate of a strong rupee, and measures taken by the State Bank of Pakistan (SBP) also reduced speculation activity, evident also by the hefty gains posted by the local currency in the open market.

Spread between the inter-bank and open market also edged towards a minimum, a trend not seen for several weeks.

The appreciation run, which has now gone on for six successive sessions, brings rupee’s monthly loss in September to 4.2% after it earlier inched towards its all-time historic low in the inter-bank market.

Analysts, however, say the appreciation is sentiment-driven, and fundamentals remain the same with SBP-held foreign exchange reserves clocking in at $8 billion and inflows from other sources having not been materialised yet.

Open-market rates

In the open market, the PKR gained 14 rupees for buying and 14.40 rupees for selling against USD, closing at 228 and 230, respectively.

Against Euro, the PKR gained 10 rupees for buying and 10.35 rupees for selling, closing at 225 and 227, respectively.

Against UAE Dirham, the PKR gained 3.20 rupees for buying and 3.35 rupees for selling, closing at 62.70 and 63.20, respectively.

Against Saudi Riyal, the PKR gained 3.45 rupees for buying and 3.50 rupees for selling closing, at 60.80 and 61.40, respectively.

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

THE RUPEE

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

Weekly Interbank market rates for dollar

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

Bid Close Rs. 228.60

Offer Close Rs. 229.60

Bid Open Rs. 239.75

Offer Open Rs. 240.75

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

Weekly Open market rates for dollar

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

Bid Close Rs. 228.00

Offer Close Rs. 230.00

Bid Open Rs. 242.00

Offer Open Rs. 244.40

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

Copyright Business Recorder, 2022

Comments

Comments are closed.

PKR gains nearly 5pc during the week

Imran Khan to contest by-elections on all 33 NA seats: Qureshi

Ishaq Dar announces 35-rupee hike in prices of petrol and diesel

Gulf stocks rise on hope of slower Fed rate hikes

At least 41 killed as passenger coach falls into ravine in Lasbela

6.3 magnitude earthquake jolts Islamabad, surrounding areas

Ten children killed in northwest Pakistan boat capsize

Blinken arrives in Egypt as Middle East violence erupts

Former UN chief calls for climate action over ‘visions’ at COP28

Djokovic wins Australian Open to equal Nadal’s 22 Slam titles

China’s 2022 smartphone shipments the lowest in 10 years