KARACHI: The Pakistani rupee depreciated further against the US dollar in the inter-bank market as it lost Re0.65 or 0.23% during the previous week.
The local unit closed at Rs281.71, against Rs281.06 it had closed at during the week earlier, according to the State Bank of Pakistan (SBP).
In a key development, the International Monetary Fund (IMF) Executive Board approved $1 billion in the first review of the 37-month, $7-billion Extended Fund Facility (EFF) for Pakistan. The Board also approved $1.4 billion under the Resilience and Sustainability Facility (RSF).
Meanwhile, the inflow of overseas workers’ remittances into Pakistan stood at $3.2 billion in April 2025, the SBP data showed. Remittances increased by 13.1% year over year, compared to $2.81 billion recorded in the same month last year. On a monthly basis, remittances were down 22%, compared to $4.1 billion in March.
Foreign exchange reserves held by the SBP increased by $118 million on a weekly basis, clocking in at $10.33 billion as of May 2. Total liquid foreign reserves held by the country stood at $15.48 billion. Net foreign reserves held by commercial banks stood at $5.15 billion.
Open-market rates
In the open market, the PKR lost 35 paise for buying and 47 paise for selling against USD, closing at 281.78 and 283.36, respectively.
Against Euro, the PKR gained 2.07 rupees for buying and 1.48 rupee for selling, closing at 316.38 and 319.88, respectively.
Against UAE Dirham, the PKR lost 22 paise for buying and 34 paise for selling, closing at 76.73 and 77.43, respectively.
Against Saudi Riyal, the PKR gained 19 paise for buying and 4 paise for selling, closing at 74.95 and 75.66, 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. 281.70
Offer Close Rs. 281.90
Bid Open Rs. 281.05
Offer Open Rs. 281.25
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Weekly open-market rates for dollar
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Bid Close Rs. 281.78
Offer Close Rs. 283.36
Bid Open Rs. 281.43
Offer Open Rs. 282.89
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Copyright Business Recorder, 2025
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