KARACHI: Rupee remained largely stable against the US dollar in the inter-bank market during the previous week. The local unit closed at 277.74, against 277.70 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
In a key development during the previous week, the Monetary Policy Committee (MPC) of the SBP reduced the key interest rate by 250 basis points (bps), taking it from 17.5% to 15% after a fourth successive round of monetary easing that began in June 2024.
Meanwhile, inflow of overseas workers’ remittances into Pakistan stood at $3.052 billion in October 2024, a substantial 24% increase on a year-on-year (YoY) basis when compared with $2.463 billion in the same month of the previous year, showed data released by the central bank.
Foreign exchange reserves held by the SBP increased by $18 million on a weekly basis, clocking in at $11.17 billion as of November 1. Total liquid foreign reserves held by the country stood at $15.93 billion. Net foreign reserves held by commercial banks stood at $4.76 billion.
Open-market rates
In the open market, the PKR lost 3 paise for buying and 11 paise for selling against USD, closing at 276.83 and 278.74, respectively. Against Euro, the PKR gained 2.61 rupees for buying and 2.62 rupees for selling, closing at 297.13 and 299.90, respectively.
Against UAE Dirham, the PKR remained unchanged for buying and lost 1 paisa for selling, closing at 75.26 and 75.97, respectively.
Against Saudi Riyal, the PKR remained unchanged for buying and gained 2 paise for selling, closing at 73.52 and 74.14, 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. 277.74
Offer Close Rs. 277.94
Bid Open Rs. 277.70
Offer Open Rs. 277.90
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Weekly open-market rates for dollar
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Bid Close Rs. 276.83
Offer Close Rs. 278.74
Bid Open Rs. 276.80
Offer Open Rs. 276.80
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Copyright Business Recorder, 2024
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