KARACHI: The rupee depreciated a meagre 0.82% against the US dollar in the inter-bank market during the previous week, but concerns over an incessant delay in the International Monetary Fund (IMF) programme continued to rattle sentiment.
The rupee appreciated in three of the five sessions, settling at 280.77 to the dollar with inflows from China landing in the State Bank of Pakistan’s (SBP) account lending some support to critical levels of foreign exchange. During the previous week, Pakistan reported reserves at $4.3 billion after a fourth successive increase on a weekly basis with loans from the China Development Bank and Industrial and Commercial Bank of China helping the cause.
However, the currency market continued to await an update on the staff-level agreement with the IMF over the ninth review of the bailout programme that has remained stalled since last year. Finance Minister Ishaq Dar once again moved to pacify markets by stating that the agreement was expected soon, but the currency is likely to remain under pressure until a tangible outcome is achieved on the IMF front.
Open-market rates
In the open market, the PKR lost 1.50 rupee forbuying and 50 paisa for selling against USD, closing at 281 and 283, respectively.
Against Euro, the PKR lost 4 rupees for both buying and selling, closing at 294.00 and 297.00, respectively.
Against UAE Dirham, the PKR remained unchanged for both buying and selling, closing at 76.50 and 77.20, respectively.
Against Saudi Riyal, the PKR lost 30 paisa for buying and 10 paisa for selling, closing at 74.50 and 75.10, respectively.
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THE RUPEE
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Weekly inter-bank market rates for dollar
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Bid Close Rs. 280.75
Offer Close Rs. 283.75
Bid Open Rs. 278.50
Offer Open Rs. 281.50
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Weekly open-market rates for dollar
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Bid Close Rs. 281.00
Offer Close Rs. 283.00
Bid Open Rs. 279.50
Offer Open Rs. 282.50
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Copyright Business Recorder, 2023
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