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KARACHI: The rupee depreciated 0.3% against the US dollar to close at 284.65 in the inter-bank market during the previous week.

The currency fell in four of the five sessions with the sole gain on Thursday, the day when a finance ministry official said the International Monetary Fund (IMF) had indicated that it has gotten a financing assurance from Saudi Arabia.

The commitments from ‘friendly’ nations are a key last step in reviving the stalled IMF programme, widely seen as crucial for an economy facing massive headwinds that may face difficulties in meeting payment obligations.

The currency is still likely to remain under pressure until Pakistan secures confirmed dollar inflows with central bank-held foreign exchange reserves staying at under one month of import cover.

Open-market rates

In the open market, the PKR lost 4.50 rupees for both buying and selling against USD, closing at 288.50 and 291.50, respectively.

Against Euro, the PKR lost 3 rupees for buying and 4 rupees for selling, closing at 311 and 315, respectively.

Against UAE Dirham, the PKR lost 1.65 rupee for buying and 1.70 rupee for selling, closing at 78.75 and 79.50, respectively.

Against Saudi Riyal, the PKR lost 60 paisa for buying and 70 paisa for selling, closing at 76.30 and 77.00, 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. 284.50

Offer Close Rs. 286.50

Bid Open Rs. 283.75

Offer Open Rs. 286.25

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Weekly open-market rates for dollar

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Bid Close Rs. 288.50

Offer Close Rs. 291.50

Bid Open Rs. 284.00

Offer Open Rs. 287.00

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Copyright Business Recorder, 2023

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