KARACHI: The rupee depreciated 0.43% in the inter-bank market during the previous week, maintaining its rather stable run to settle at 286.93 against the US dollar.
However, in the open-market, the rupee’s fall was higher as the market found a new “equilibrium” after the State Bank of Pakistan’s (SBP) permission to allow authorised dealers to use the inter-bank for payments of cross-border card transactions sent the currency for a volatile ride.
Meanwhile, Pakistan reported its official central bank-held foreign currency reserves at under $4 billion during the week, raising further alarm on the country’s balance-of-payments’ position.
The fall further underscored the need to revive the stalled bailout with the International Monetary Fund (IMF) that is due to end this month.
Pakistan also presented its federal budget last Friday, under the watchful eyes of the public and the IMF. However, a final confirmation on the IMF programme was awaited till the filing of this report.
Open-market rates
In the open market, the PKR lost 5 rupees for both buying and selling against USD, closing at 302.00 and 305.00, respectively.
Against Euro, the PKR gained 3 rupees for both buying and selling, closing at 319.00 and 322.00 respectively.
Against UAE Dirham, the PKR lost 1.50 rupee for both buying and selling, closing at 83.00 and 83.80, respectively.
Against Saudi Riyal, the PKR lost 1.50 rupee for buying and 1.55 rupee for selling, closing at 80.00 and 80.80, 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. 286.80
Offer Close Rs. 286.95
Bid Open Rs. 285.55
Offer Open Rs. 285.65
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Weekly open-market rates for dollar
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Bid Close Rs. 302.00
Offer Close Rs. 305.00
Bid Open Rs. 297.00
Offer Open Rs. 300.00
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Copyright Business Recorder, 2023
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