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KARACHI: After back-to-back positive weeks, the rupee saw a marginal decline as it depreciated Re0.09 or 0.03% against the US dollar, according to the State Bank of Pakistan (SBP).

The local unit closed at 278.21, against 278.12 it had closed the week earlier against the greenback.

In a key development, the government’s cost of borrowing and mark-up payments increased in the fiscal year 2022-23 consequent to an increase in the policy rate in response to inflation.

This was stated by the Budget Wing and Economic Adviser Wing (EAW) of the Finance Division in its Fiscal Policy Statement-January 2024.

It added that the fiscal year 2023 had been unprecedented due to multiple challenges such as the international commodity super-cycle and balance of payments crisis, whereas, flood 2022 further intensified the macroeconomic vulnerabilities.

Meanwhile, the central bank, in its report on Pakistan’s economy for the first half of FY24, said the country’s macroeconomic conditions improved during H1FY24.

The report said real GDP, driven by agriculture sector, grew by 1.7% in the first half of FY24 compared to 1.6% in the same period in FY23, and a contraction of 1.9% in the second half of FY23.

At the same time, the government has begun discussions on further engagement with the International Monetary Fund (IMF) as the country looks for a new and larger loan programme.

Wall Street bank Citi expects Pakistan to reach an agreement with the International Monetary Fund (IMF) for a new four-year programme of up to $8 billion by end-July.

“A larger and longer IMF EFF (Extended Fund Facility) programme could be finalised by July – possibly a $7-8 billion 4-year programme and secondly and a possible inflow of Saudi investments,” Nikola Apostolov at Citi wrote in a note to clients.

In the open market, the PKR lost 31 paise for buying and 30 paise for selling against USD, closing at 276.96 and 279.50, respectively.

Against Euro, the PKR lost 3.19 rupees for buying and 3.33 rupees for selling, closing at 299.18 and 302.08, respectively.

Against UAE Dirham, the PKR lost 14 paise for buying and 16 paise for selling, closing at 75.25 and 75.99, respectively.

Against Saudi Riyal, the PKR lost 9 paise for buying and 11 paise for selling, closing at 73.51 and 74.21, 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. 278.21

Offer Close Rs. 278.41

Bid Open Rs. 278.12

Offer Open Rs. 278.32

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Weekly open-market rates for dollar

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Bid Close Rs. 276.96

Offer Close Rs. 279.50

Bid Open Rs. 276.64

Offer Open Rs. 279.25

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Copyright Business Recorder, 2024

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