KARACHI: Rupee depreciated further against the US dollar during the previous week as it lost Re0.10 or 0.4% in the inter-bank market.
The local unit closed at 279.67, against 279.57 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
Pakistan’s headline inflation is expected to stay within the 2-3% range in February and may increase to 3-4% by March, the Finance Division projected in its Monthly Economic Update and Outlook.
Meanwhile, the central bank is expected to maintain its rate-cutting cycle and might opt to further reduce the key policy rate by up to 100 basis points (bps) on account of lower inflation and external sector stability, a brokerage house survey stated. The Monetary Policy Committee (MPC) of the SBP is scheduled to meet again on March 10 to decide on the monetary policy.
Foreign exchange reserves held by the SBP increased by $21 million on a weekly basis, clocking in at $11.22 billion as of February 21, data released on Thursday showed. Total liquid foreign reserves held by the country stood at $15.92 billion. Net foreign reserves held by commercial banks stood at $4.70 billion.
Open-market rates
In the open market, the PKR lost 22 paise for buying and 13 paise for selling against USD, closing at 279.13 and 281.30, respectively.
Against Euro, the PKR gained 2.13 rupees for buying and 2.12 rupees for selling, closing at 289.95 and 292.97, respectively.
Against UAE Dirham, the PKR lost 3 paise for buying and 1 paisa for selling, closing at 76.05 and 76.60, respectively.
Against Saudi Riyal, the PKR lost 7 paise for buying and 1 paisa for selling, closing at 74.35 and 74.85, 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. 279.67
Offer Close Rs. 279.87
Bid Open Rs. 279.57
Offer Open Rs. 279.77
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Weekly open-market rates for dollar
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Bid Close Rs. 279.13
Offer Close Rs. 281.30
Bid Open Rs. 278.91
Offer Open Rs. 281.17
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Copyright Business Recorder, 2025
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