KARACHI: The rupee made further improvement during the previous week as it gained Re0.20 or 0.07% against the US dollar.
The local unit closed at 277.64, against 278.84 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
During the previous week, Pakistan received the first tranche of Special Drawing Rights (SDR) 760 million, equivalent to $1.03 billion, from the International Monetary Fund (IMF).
The development came after the IMF Executive Board approved the 37-month, $7-billion Extended Fund Facility for Pakistan.
Meanwhile, foreign exchange reserves held by the SBP increased by $24 million on a weekly basis, clocking in at $9.53 billion as of September 20. Total liquid foreign reserves held by the country stood at $14.87 billion. Net foreign reserves held by commercial banks stood at $5.34 billion.
The IMF inflow received last week will reflect in the SBP liquid reserves to be released on October 3, 2024.
Open-market rates
In the open market, the PKR gained 1.18 rupee for buying and 55 paise for selling against USD, closing at 278.26 and 280.15, respectively. Against Euro, the PKR gained 67 paise for buying and 76 paise for selling, closing at 308.20 and 311.11, respectively.
Against UAE Dirham, the PKR gained 9 paise for buying and 12 paise for selling, closing at 75.36 and 76.08, respectively. Against Saudi Riyal, the PKR gained 14 paise for buying and 18 paise for selling, closing at 73.61 and 74.28, 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. 277.64
Offer Close Rs. 277.84
Bid Open Rs. 277.84
Offer Open Rs. 278.04
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Weekly open-market rates for dollar
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Bid Close Rs. 278.26
Offer Close Rs. 280.15
Bid Open Rs. 279.44
Offer Open Rs. 280.70
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Copyright Business Recorder, 2024
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