KARACHI: Pak rupee continued its uptrend against the US dollar for the ninth consecutive week, as the local currency appreciated Rs1.04 or 0.37% against the greenback in the inter-bank market.
This appreciation run has been on the back of announcement of a staff-level agreement (SLA) between Pakistan and the International Monetary Fund (IMF) on the first review of the $3 billion Stand-by Arrangement (SBA), which led to the approval of the second tranche of the package. During the previous week, the finance ministry said the IMF Executive Board had completed the first review of the SBA, allowing for an immediate disbursement of $700 million.
“The Executive Board of the IMF completed the 1st review and allows for an immediate disbursement of SDR 528 million (around US$ 700 million) bringing the total disbursements under the SBA to US$ 1.9 billion,” the ministry said.
Meanwhile, the foreign exchange reserves held by the State Bank of Pakistan stand at $8.15 billion as of January 5, but are set to get a boost on IMF inflows. Globally, the US dollar held steady against peer currencies on Friday, as investors weighed higher-than-expected US consumer price inflation against market bets that the Federal Reserve will cut rates as soon as March.
In the open market, the PKR gained 79.00 paisa for buying and 86.00 paisa for selling against USD, closing at 279.15 and 281.50, respectively. Against Euro, the PKR gained 10.00 paisa for buying and 25.00 paisa for selling, closing at 305.59 and 308.40, respectively.
Against UAE Dirham, the PKR gained 36.00 paisa for buying and 35.00 paisa for selling, closing at 75.99 and 76.70, respectively.
Against Saudi Riyal, the PKR gained 14.00 paisa for buying and 14.00 paisa for selling, closing at 74.48 and 75.15, 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. 280.36
Offer Close Rs. 280.56
Bid Open Rs. 281.40
Offer Open Rs. 281.60
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Weekly open-market rates for dollar
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Bid Close Rs. 279.15
Offer Close Rs. 281.50
Bid Open Rs. 279.94
Offer Open Rs. 282.36
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Copyright Business Recorder, 2024
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