KARACHI: The Pakistani rupee depreciated further against the US dollar in the inter-bank market as it lost Re0.25 or 0.09% during the previous week.
The local unit closed at Rs280.97, against Rs280.72 it had closed at during the week earlier, according to the State Bank of Pakistan (SBP).
In a key development, Fitch Ratings projected that Pakistan would gradually devalue its currency to avert likely pressure on the current account as economic activities pick up in the country.
Bloomberg reported that “the ratings company sees the rupee falling to 285 against the dollar by the end of June and weakening further to 295 by the end of the next fiscal year in 2026,” citing Krisjanis Krustins, Director of Asia Pacific Sovereign Ratings at Fitch.
Meanwhile, Pakistan’s headline inflation is expected to continue its declining trend and drop further to below 0.5% in April 2025, as per a report by brokerage house Topline Securities.
Foreign exchange reserves held by the SBP decreased by $367 million on a weekly basis, clocking in at $10.21 billion as of April 18.
Open-market rates
In the open market, the PKR lost 49 paise for buying and 42 paise for selling against USD, closing at 280.89 and 282.72, respectively.
Against Euro, the PKR gained 18 paise for buying and 13 paise for selling, closing at 317.60 and 320.85, respectively.
Against UAE Dirham, the PKR lost 7 paise for both buying and selling, closing at 76.37 and 77.10, respectively.
Against Saudi Riyal, the PKR lost 48 paise for buying and 52 paise for selling, closing at 75.04 and 75.76, 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. 280.97
Offer Close Rs. 281.17
Bid Open Rs. 280.71
Offer Open Rs. 280.91
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Weekly open-market rates for dollar
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Bid Close Rs. 280.89
Offer Close Rs. 282.72
Bid Open Rs. 280.40
Offer Open Rs. 282.30
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Copyright Business Recorder, 2025
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