KARACHI: The rupee strengthened marginally during the previous week as it gained Re0.13 or 0.04% against the US dollar. The local unit closed at 278.20, against 278.33 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
In a key development, the International Monetary Fund (IMF) said talks were continuing virtually with authorities in Islamabad towards reaching a staff-level agreement (SLA) on a new programme.
In his 5-day visit to China, Prime Minister Shehbaz Sharif met Chinese President Xi Jinping and both leaders reaffirmed the consensus on high-quality development of China Pakistan Economic Corridor (CPEC) and the timely completion of major ongoing projects.
The two leaders also affirmed consensus on the up-gradation of the CPEC and advancing the development of the mega project in the second phase.
Inflow of overseas workers’ remittances hit a record high of $3.243 billion in May 2024, 54.2% higher on a year-on-year (YoY) basis when compared to $2.103 billion in May 2023, showed data released by the SBP.
This was the highest figure on a monthly basis in Pakistan’s history.
The Asian Development Bank (ADB) approved a $250-million policy-based loan to help Pakistan drive sustainable investments in infrastructure and services through public-private partnerships (PPPs).
Meanwhile, foreign exchange reserves held by central bank increased by $16 million on a weekly basis, clocking in at $9.1 billion as of May 31. Total liquid foreign reserves held by the country stood at $14.2 billion. Net foreign reserves held by commercial banks stood at $5.1 billion.
In the open market, the PKR lost 47.00 paisa for buying and 54.00 paisa for selling against USD, closing at 277.55 and 280.00, respectively. Against Euro, the PKR lost 1.50 rupee for buying and 1.67 rupee for selling, closing at 300.43 and 303.35, respectively. Against UAE Dirham, the PKR remained unchanged for buying and gained 1 paisa for selling, closing at 75.26 and 75.99, respectively. Against Saudi Riyal, the PKR gained 1 paisa for buying and lost 3 paise for selling, closing at 73.52 and 74.22, respectively.
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Weekly inter-bank market rates for dollar
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Bid Close Rs. 278.20
Offer Close Rs. 278.40
Bid Open Rs. 278.33
Offer Open Rs. 278.53
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Weekly open-market rates for dollar
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Bid Close Rs. 277.55
Offer Close Rs. 280.00
Bid Open Rs. 277.11
Offer Open Rs. 279.49
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Copyright Business Recorder, 2024
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