KARACHI: Rupee depreciated against the US dollar during the previous week as it lost Re0.36 or 0.13% in the inter-bank market.
The local unit closed at 279.57, against 279.21 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
In a key development, Pakistan’s current account posted a deficit of $420 million in January 2025, an increase of 4% when compared with the deficit of $404 million in the same month of the previous year, SBP data showed.
Pakistan’s Real Effective Exchange Rate (REER), a measure of the value of a currency against a weighted average of several foreign currencies, increased further to 104.05 in January 2025, up from 103.67 (revised) in December 2024.
Meanwhile, foreign exchange reserves held by the SBP rose by $35 million on a weekly basis, clocking in at $11.20 billion as of February 14. Total liquid foreign reserves held by the country stood at $15.95 billion. Net foreign reserves held by commercial banks stood at $4.75 billion.
An International Monetary Fund (IMF) mission would arrive in Islamabad in early to mid-March for discussions on the first review under Pakistan’s Extended Fund Facility (EFF) programme, the Washington-based lender said in a statement during the previous week.
Open-market rates
In the open market, the PKR lost 18 paise for buying and 10 paise for selling against USD, closing at 278.91 and 281.17, respectively.
Against Euro, the PKR lost 99 paise for buying and 1.28 rupee for selling, closing at 292.08 and 295.09, respectively.
Against UAE Dirham, the PKR lost 3 paise for buying and 5 paise for selling, closing at 76.02 and 76.59, respectively.
Against Saudi Riyal, the PKR lost 4 paise for buying and 5 paise for selling, closing at 74.28 and 74.84, 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. 279.57
Offer Close Rs. 279.77
Bid Open Rs. 279.21
Offer Open Rs. 279.41
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Weekly open-market rates for dollar
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Bid Close Rs. 278.91
Offer Close Rs. 281.17
Bid Open Rs. 278.73
Offer Open Rs. 281.07
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Copyright Business Recorder, 2025
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