KARACHI: The rupee posted marginal gain during the previous week as it appreciated by Re0.27 or 0.1% against the US dollar.
The local unit closed at 278.13, against 278.40 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
It was a shorter week as the SBP remained closed on Tuesday and Wednesday due to Muharram holidays.
A staff level agreement with the International Monetary Fund (IMF) boosted some sentiment as the rupee gained in the previous week after remaining largely stable for two earlier weeks.
In a key development, BMI, a Fitch Solutions company, in its report expected that the
Pakistani rupee will remain pretty stable over the remainder of the year, which will open up more space for interest rate cuts.
“For the past six months, the Pakistani rupee hovered around PKR 278/USD, and we expect that the rupee will only weaken slightly over the remainder of 2024, slipping to PKR 290/USD.
“Policymakers’ success in cracking down on the parallel market has allowed the currency to be adjusted to a more defensible rate and it would take a substantial shock to disrupt the rupee,” it said.
Open-market rates
In the open market, the PKR lost 5 paise for buying and remained unchanged for selling against USD, closing at 279.05 and 280.50, respectively.
Against Euro, the PKR gained 82 paise for buying and 76 paise for selling, closing at 301.28 and 304.24, respectively.
Against UAE Dirham, the PKR gained 7 paise for buying and 6 paise for selling, closing at 75.55 and 76.29, respectively.
Against Saudi Riyal, the gained 7 paise for buying and 4 paise for selling, closing at 73.80 and 74.51, 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. 278.13
Offer Close Rs. 278.33
Bid Open Rs. 278.40
Offer Open Rs. 278.60
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Weekly open-market rates for dollar
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Bid Close Rs. 279.05
Offer Close Rs. 280.50
Bid Open Rs. 279.00
Offer Open Rs. 280.50
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Copyright Business Recorder, 2024
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