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KARACHI: The rupee depreciated 0.31% against the US dollar in the inter-bank market, according to the State Bank of Pakistan (SBP), but its widening gap with open-market exchange rates raised questions on the true value of the currency.

During the week, the rupee lost value in all four sessions, eventually settling at 227.14 against the US dollar. However, data gathered by Business Recorder and market talk suggest the rupee has crossed the 250 mark, and is even trading close to the 260 range in the open market.

Administrative controls and import curbs, analysts say, will likely keep the rupee stable in the inter-bank market, but the measure is unsustainable especially in the face of fast-depleting foreign currency reserves.

Pakistan’s central bank-held reserves, which the SBP reported at $5.6 billion during the week, are also set to take a further hit after the country repaid its loans amounting to over $1 billion on Friday.

Amid a stalled bailout programme with the International Monetary Fund (IMF), and lack of inflows from ‘friendly countries’, forex reserves are unlikely to get a boost.

13th straight loss: rupee records marginal depreciation against US dollar

An IMF delegation is, however, set to meet Finance Minister Ishaq Dar on the sidelines of the Geneva conference on Monday with the ninth review of the Extended Fund Facility likely to dominate the agenda.

Open-market rates

In the open market, the PKR lost one rupee for both buying and selling against USD, closing at 234.25 and 236.50, respectively.

Against Euro, the PKR lost 3 rupees for buying and 2.50 rupees for selling, closing at 265.50 and 267, respectively.

Against UAE Dirham, the PKR remained unchanged for both buying and selling, closing at 68.50 and 69, respectively.

Against Saudi Riyal, the PKR lost 1.20 rupees for both buying and selling, closing at 66.60 and 67.10, respectively.

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THE RUPEE

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Weekly inter-bank market rates for dollar

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

Bid Close Rs. 227.15

Offer Close Rs. 228.15

Bid Open Rs. 226.45

Offer Open Rs. 227.45

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

Weekly open-market rates for dollar

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

Bid Close Rs. 234.25

Offer Close Rs. 236.50

Bid Open Rs. 233.25

Offer Open Rs. 235.50

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

Copyright Business Recorder, 2023

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