KARACHI: The rupee registered a marginal increase against the US dollar in the previous week as it gained Re0.18 or 0.06% against the greenback.
The local unit closed at 278.21, against 278.39 it had closed the week earlier against the greenback.
In a key development during the previous week, the International Monetary Fund (IMF) completed its final review of Pakistan’s economic reform programme supported by a $3 billion Stand-By Arrangement (SBA) and allowed the immediate disbursement of $1.1 billion.
Pakistan is now looking to secure a larger and longer Extended Fund Facility of the IMF programme to achieve macroeconomic stability in the country.
An IMF mission is expected to visit Pakistan this month to discuss a new programme, the lender said on Sunday, ahead of Islamabad beginning its annual budget-making process for the next financial year.
In another development, Minister for Investment and Privatisation Abdul Aleem Khan said Islamabad would push back the deadline for companies to express interest in buying national carrier Pakistan International Airlines to May 18.
The extension came a day before the expressions of interest had originally been due. He said 10 companies had already expressed an interest.
Meanwhile, the Competition Commission of Pakistan has passed a merger order, approving the acquisition of the 100 percent shareholding of Pakistan International Airlines Corporation Limited (PIACL) by PIA Holding Company Limited (Holdco).
The merger order clears the path for the privatisation of PIA. In the open market, the PKR gained 21 paisa for buying and 11 paisa for selling against USD, closing at 276.82 and 279.48, respectively.
Against Euro, the PKR lost 1.00 rupee for buying and 92 paisa for selling, closing at 294.78 and 297.48, respectively.
Against UAE Dirham, the PKR gained 3 paisa for both buying and selling, closing at 74.98 and 75.70, respectively.
Against Saudi Riyal, the PKR gained 2 paisa for buying and 4 paisa for selling, closing at 73.26 and 73.92, 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. —
Offer Close Rs. —
Bid Open Rs. 278.39
Offer Open Rs. 278.59
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Weekly open-market rates for dollar
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Bid Close Rs. 276.82
Offer Close Rs. 279.48
Bid Open Rs. 277.05
Offer Open Rs. 279.69
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Copyright Business Recorder, 2024
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