KARACHI: Rupee remained largely stable against the US dollar in the inter-bank market during the previous week. The local unit closed at 278.75, against 278.71 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
The downward trajectory of CPI-based inflation is likely to continue in Pakistan, with projections indicating it could drop below 3% in January, market experts said during the previous week.
In another development, the World Bank’s $20 billion Country Partnership Framework (CPF) for Pakistan was launched in Islamabad in presence of Prime Minister Shehbaz Sharif and the WB’s Vice President for South Asia Martin Raiser.
According to the World Bank, the 10-year programme aims to support inclusive and sustainable development through a strong focus on building human capital; fostering durable private sector growth; and building economic, social and environmental resilience in the country.
Meanwhile, foreign exchange reserves held by the SBP decreased by $276 million on a weekly basis, clocking in at $11.45 billion as of January 17, data released on Thursday showed. Total liquid foreign reserves held by the country stood at $16.19 billion. Net foreign reserves held by commercial banks stood at $4.74 billion.
The Monetary Policy Committee (MPC) of the SBP will meet on Monday, January 27, 2025, to decide about the monetary policy.
Open-market rates
In the open market, the PKR gained 10 paise for buying and lost 22 paise for selling against USD, closing at 279.22 and 281.21, respectively. Against Euro, the PKR lost 3.75 rupees for buying and 4.42 rupees for selling, closing at 290.92 and 294.28, respectively.
Against UAE Dirham, the PKR remained unchanged for buying and lost 4 paise for selling, closing at 75.96 and 76.55, respectively.
Against Saudi Riyal, the PKR remained unchanged for buying and lost 5 paise for selling, closing at 74.24 and 74.80, 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. 278.75
Offer Close Rs. 278.95
Bid Open Rs. 278.71
Offer Open Rs. 278.91
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Weekly open-market rates for dollar
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Bid Close Rs. 279.22
Offer Close Rs. 281.21
Bid Open Rs. 279.32
Offer Open Rs. 280.99
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Copyright Business Recorder, 2025
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