KARACHI: Rupee remained largely stable against the US dollar in the inter-bank market during the previous week.
The local unit closed at 280.26, marginally lower by Re0.04 or 0.01% against 280.22 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 (C/A) posted a deficit of $12 million in February 2025, against a surplus of $71 million recorded in the same month the previous year, SBP data showed. On month-on-month (MoM) basis, the C/A posted a recovery from a deficit of $399 million (revised) in January 2025.
Pakistan’s Real Effective Exchange Rate (REER), a measure of the value of a currency against a weighted average of several foreign currencies, dropped to 102.27 in February 2025, down from 104.06 (revised) in January 2025.
Traders are looking for a positive development on the International Monetary Fund (IMF) front. Speaking to journalists last week, Finance Minister Muhammad Aurangzeb expressed confidence that Pakistan would soon receive positive news regarding a staff level agreement on the first review of the Extended Fund Facility, saying that negotiations with the Washington-based lender were in final stages with no major hurdles in the way.
Meanwhile, foreign exchange reserves held by the SBP increased by $49 million on a weekly basis, clocking in at $11.15 billion as of March 14. Total liquid foreign reserves held by the country stood at $16.02 billion. Net foreign reserves held by commercial banks stood at $4.87 billion.
Open-market rates
In the open market, the PKR lost 7 paise for buying and 20 paise for selling against USD, closing at 279.92 and 282.06, respectively.
Against Euro, the PKR gained 28 paise for buying and 17 paise for selling, closing at 302.80 and 305.89, respectively.
Against UAE Dirham, the PKR lost 3 paise for buying and 5 paise for selling, closing at 76.20 and 76.80, respectively.
Against Saudi Riyal, the PKR lost 1 paisa for buying and 4 paise for selling, closing at 74.67 and 75.26, respectively.
=========================================
THE RUPEE
=========================================
Weekly inter-bank market rates for dollar
=========================================
Bid Close Rs. 280.26
Offer Close Rs. 280.46
Bid Open Rs. 280.21
Offer Open Rs. 280.41
=========================================
Weekly open-market rates for dollar
=========================================
Bid Close Rs. 279.92
Offer Close Rs. 282.06
Bid Open Rs. 279.85
Offer Open Rs. 281.86
=========================================
Copyright Business Recorder, 2025
Comments