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KARACHI: The rupee underwent a volatile week, seeing a record low of almost 299 before a dramatic U-turn saw it recover all its losses. On Friday, the currency closed at 285.08 against the US dollar in the inter-bank market, a week-on-week fall of just 0.52%, but not before it had lost nearly 3% a day earlier and nearly 2% on Wednesday.

Violent protests, sparked by the dramatic arrest of Pakistan Tehreek-e-Insaf (PTI) chief Imran Khan, followed by deployment of army troops in two provinces and the federal capital rattled the markets with speculators also having a field day.

The Supreme Court declared Imran’s arrest “illegal”, prompting a reversal of the rupee’s losses, a development that was followed by the Islamabad High Court granting interim bail to the former prime minister.

At the same time, on the International Monetary Fund (IMF) front, the lender reiterated its stance on securing additional necessary funding assurances from partner countries, while a staff-level agreement continued to elude Pakistan authorities.

The rupee is likely to take its cue from political developments, as simmering tension continues to envelope the economy.

Open-market rates

In the open market, the PKR lost 2 rupees for both buying and selling against USD, closing at 286 and 289, respectively.

Against Euro, the PKR lost 4 rupees for both buying and selling, closing at 317 and 320 respectively.

Against UAE Dirham, the PKR lost 3 rupees for buying and 3 rupees 10 paisa for selling, closing at 80.50 and 81.30, respectively.

Agaist Saudi Riyal, the PKR lost 2 rupees 50 paisa for buying and 2 rupees 55 paisa for selling, closing at 78.00 and 78.75, 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. 285.10

Offer Close Rs. 287.10

Bid Open Rs. 283.60

Offer Open Rs. 285.60

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Weekly open-market rates for dollar

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Bid Close Rs. 286.00

Offer Close Rs. 289.00

Bid Open Rs. 284.00

Offer Open Rs. 287.00

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Copyright Business Recorder, 2023

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