KARACHI: The Pakistani rupee remained largely stable in the outgoing week and traded in a narrow range over the five day period. The local currency recovered Re0.52 or 0.2% to end the week at 286.74.
Earlier during the week, it was learnt that Pakistan is not on the agenda of the International Monetary Fund (IMF) Executive Board meetings scheduled till June 29, as the 9th review under the Extended Fund Facility (EFF) programme remains pending.
Federal Minister for Finance and Revenue Ishaq Dar met with US Ambassador to Pakistan Donald Blome and discussed with him the Pak-US economic ties besides the IMF loan programme.
On the other hand, Prime Minister Shehbaz Sharif met Kristalina Georgieva, Managing Director of IMF on the sidelines of the Summit for a New Global Financial Pact being held in Paris amid hope that the lender approves the funds allocated under the bailout.
The resumption of the IMF programme, scheduled to end on June 30, is crucial for the cash-strapped economy.
During the week, the government also unveiled the ‘Economic Revival Plan’ that focuses on “untapped potential in key sectors” at a time of record inflation, interest rates, and depleting foreign exchange reserves.
Separately, the country’s current account deficit fell sharply, i.e. 81% during the first 11 months of the current fiscal year (FY23) supported by lower import bill. Foreign Direct Investment (FDI) in the country plunged by 21% during the first eleven months of this fiscal year (FY23).
Experts say a revival of the IMF programme may lend some support but will still fall short of Pakistan’s bulging requirements.
Open-market rates
In the open market, the PKR gained 6 rupees for both buying and selling against USD, closing at 288.00 and 291.00, respectively.
Against Euro, the PKR gained 3 rupees for both buying and selling, closing at 314.00 and 317.00 respectively.
Against UAE Dirham, the PKR gained 1.60 rupee for buying and 1.70 rupee for selling, closing at 79.30 and 80.00, respectively.
Against Saudi Riyal, the PKR gained 2.50 rupees for both buying and selling, closing at 75.00 and 75.75, respectively.
=========================================
THE RUPEE
=========================================
Weekly inter-bank market rates for dollar
=========================================
Bid Close Rs. 286.55
Offer Close Rs. 286.75
Bid Open Rs. 287.00
Offer Open Rs. 287.20
=========================================
Weekly open-market rates for dollar
=========================================
Bid Close Rs. 288.00
Offer Close Rs. 291.00
Bid Open Rs. 294.00
Offer Open Rs. 297.00
=========================================
Copyright Business Recorder, 2023
Comments
Comments are closed for this article.