KARACHI: The rupee appreciated 0.33% during the four-session previous week, closing at 283.47 against the US dollar in the inter-bank market with Friday being a public holiday.
News of a $2-billion inflow from Saudi Arabia and another $1 billion from the UAE kept the momentum going after it was announced earlier this month that the two ‘friendly’ countries had committed their financial support to Pakistan.
While seen as positive, the International Monetary Fund (IMF) stressed that it will require more necessary funding assurances before moving ahead on the staff-level agreement on the ninth review that has remained pending since November last year.
Revival of the IMF programme is crucial for currency stability that has already depreciated over 20% this calendar year alone. Pakistan’s current level of foreign exchange reserves, which sit at around $4.43 billion, are barely enough to cover a month’s import.
Market experts continue to see the IMF programme as a key determinant of exchange-rate parity, but a massive current account surplus of $654 million in March has added to the rupee’s strength.
Open-market rates
In the open market, the PKR lost 2 rupees for both buying and selling against USD, closing at 289 and 292, respectively.
Against Euro, the PKR gained 2 rupees for both buying and selling, closing at 312 and 315 respectively.
Against UAE Dirham, the PKR lost 20 paisa for buying and 25 paisa for selling, closing at 78.50 and 79.25, respectively. Against Saudi Riyal, the PKR gained 25 paisa for both buying and selling, closing at 75.75 and 76.45, 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. 283.45
Offer Close Rs. 285.50
Bid Open Rs. 284.40
Offer Open Rs. 287.00
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Weekly open-market rates for dollar
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Bid Close Rs. 289.00
Offer Close Rs. 292.00
Bid Open Rs. 287.00
Offer Open Rs. 290.00
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Copyright Business Recorder, 2023
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