KARACHI: Rupee depreciated against the US dollar during the previous week as it lost Re0.16 or 0.06% in the inter-bank market.
The local unit closed at 279.21, against 279.05 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, Finance Minister Muhammad Aurangzeb said the government received “very positive” feedback from the International Monetary Fund (IMF) on the country’s macroeconomic stability and reform efforts. “We got some very positive feedback [from IMF] in terms of the macroeconomic stability achieved over the last 12 months,” he said in a virtual address to a conference.
Meanwhile, the inflow of overseas workers’ remittances into Pakistan stood at $3 billion in January 2025, 3.2% down than $3.1 billion in December 2024, central bank data showed.
Foreign exchange reserves held by the SBP decreased by $252 million on a weekly basis, clocking in at $11.17 billion as of February 7. Total liquid foreign reserves held by the country stood at $15.87 billion. Net foreign reserves held by commercial banks stood at $4.70 billion.
Open-market rates
In the open market, the PKR lost 4 paise for buying and 17 paise for selling against USD, closing at 278.73 and 281.07, respectively.
Against Euro, the PKR lost 2.06 rupees for buying and 1.72 rupee for selling, closing at 291.09 and 293.81, respectively.
Against UAE Dirham, the PKR lost 3 paise for buying and 4 paise for selling, closing at 75.99 and 76.54, respectively.
Against Saudi Riyal, the PKR lost 3 paise for buying and 4 paise for selling, closing at 74.24 and 74.79, 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. 279.21
Offer Close Rs. 279.41
Bid Open Rs. 279.05
Offer Open Rs. 279.25
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Weekly open-market rates for dollar
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Bid Close Rs. 278.73
Offer Close Rs. 281.07
Bid Open Rs. 278.69
Offer Open Rs. 280.90
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Copyright Business Recorder, 2025
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