KARACHI: A shortened week saw the rupee lose 0.53% against the US dollar to settle at 283.2 in the inter-bank market.
A significant decline was followed by two days of appreciation that trimmed losses, but fundamental reasons for the rupee’s weaker position remained.
A stalled programme with the International Monetary Fund (IMF) together with reports that the staff-level agreement was still a bit further away meant the currency market did not take any positive cues.
During the week, however, Pakistan reported higher foreign exchange reserves on the back of loan inflows from Chinese institutions. Reserves held by the central bank clocked in at $4.6 billion as an inflow from the Industrial and Commercial Bank of China materialised. Pakistan is hoping for another $300 million from the ICBC, which would complete the $1.3-billion loan facility.
After that, inflows are likely to remain muted as financing assurances from other countries are still pending.
Open-market rates
In the open market, the PKR lost 1 rupee for both buying and selling against USD, closing at 283 and 286, respectively.
Against Euro, the PKR lost 3 rupees for both buying and selling, closing at 302 and 305, respectively.
Against UAE Dirham, the PKR lost 20 paisa for both buying and selling, closing at 77.20 and 77.90, respectively.
Against Saudi Riyal, the PKR remained unchanged for buying and selling, closing at 75.00 and 75.70, 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. 283.20
Offer Close Rs. 285.50
Bid Open Rs. 281.70
Offer Open Rs. 284.00
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Weekly open-market rates for dollar
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Bid Close Rs. 283.00
Offer Close Rs. 286.00
Bid Open Rs. 282.00
Offer Open Rs. 285.00
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Copyright Business Recorder, 2023
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