KARACHI: The rupee remained largely stable against the US dollar in the previous week, consolidating its position around the 277-279 mark where it has traded for a number of months.
At the end of the week, the rupee had settled at 278.38, according to the State Bank of Pakistan (SBP), only marginally lower than 278.34 where it began on Tuesday. The currency market was closed on Monday during the previous week on account of the bank holiday.
During the week, it was reported that Pakistan and the International Monetary Fund (IMF) held virtual talks on the efforts made in the budget to meet conditions as Islamabad seeks a larger and longer programme with the lender.
The IMF, according to sources, was also briefed on the measures taken by Pakistan to increase gas prices and other tough economic decisions. A staff-level agreement is expected to be reached this month or the early part of next month.
In a positive development that lent further stability to the currency market, foreign exchange reserves held by the SBP increased by $494 million on a weekly basis, clocking in at $9.39 billion as of June 28, data released during the previous week showed.
Total liquid foreign reserves held by the country stood at $14.57 billion with net foreign reserves held by commercial banks accounting for $5.18 billion. Commenting on the increase in reserves, the central bank cited official inflows from multilateral agencies.
Open-market rates
In the open market, the PKR lost 43.00 paisa for buying and 33.00 paisa for selling against USD, closing at 277.81 and 280.35, respectively.
Against Euro, the PKR lost 4.16 rupees for buying and 4.23 rupees for selling, closing at 298.09 and 301.00, respectively.
Against UAE Dirham, the PKR lost 27.00 paisa for buying and 32.00 paisa for selling, closing at 75.19 and 75.93, respectively.
Against Saudi Riyal, the PKR lost 38.00 paisa for buying and 42.00 paisa for selling, closing at 73.40 and 74.10, 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. 278.38
Offer Close Rs. 278.58
Bid Open Rs. 278.34
Offer Open Rs. 278.54
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Weekly open-market rates for dollar
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Bid Close Rs. 277.81
Offer Close Rs. 280.35
Bid Open Rs. 277.41
Offer Open Rs. 280.07
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Copyright Business Recorder, 2024
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