KARACHI: The rupee remained largely stable against the US dollar in a shorter week due to Eid holidays.
The local unit closed the two-session week on Tuesday at 277.94, against 277.93 it had closed the week earlier against the greenback.
In a key development, inflows of workers remittance recorded a healthy growth of 31% in March 2024 compared to February 2024, the central bank reported.
According to State Bank of Pakistan, the country received workers’ remittances amounting to $3 billion during March 2024 compared to $2.25 billion in February 2024, an increase of $750 million.
Remittances in March were the highest monthly inflows in 22 months.
Meanwhile, SBP on Saturday announced that the country had successfully executed the repayment of $1 billion Pakistan’s International Bond on April 12, 2024.
In the open market, the PKR gained 31 paisa for buying and 28 paisa for selling against USD, closing at 276.82 and 279.37, respectively.
Against Euro, the PKR lost 33 paisa for buying and 26 paisa for selling, closing at 298.84 and 301.47, respectively.
Against UAE Dirham, the PKR gained 9 paisa for both buying and selling, closing at 75.15 and 75.87, respectively.
Against Saudi Riyal, the PKR gained 9 paisa for buying and 10 paisa for selling, closing at 73.13 and 73.83, 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. 277.94
Offer Close Rs. 278.14
Bid Open Rs. 277.93
Offer Open Rs. 278.13
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Weekly open-market rates for dollar
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Bid Close Rs. 276.82
Offer Close Rs. 279.37
Bid Open Rs. 277.11
Offer Open Rs. 279.75
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Copyright Business Recorder, 2024
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