KARACHI: Rupee weakened during the previous week as it depreciated Re0.79 or 0.28% against the US dollar. The local unit closed at 282.96, against 282.17 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
Finance Minister Muhammad Aurangzeb announced Pakistan’s federal budget 2025-26 “for a competitive economy”, targeting a modest 4.2% growth for the coming fiscal year, compared to 2.7% expected in the outgoing FY25.
Meanwhile, the inflow of overseas workers’ remittances into Pakistan stood at $3.7 billion in May 2025, SBP data showed.
Remittances increased by 13.7% year over year, compared to $3.24 billion recorded in the same month last year.
Foreign exchange reserves held by the SBP increased by $167 million on a weekly basis, clocking in at $11.68 billion as of June 6. Total liquid foreign reserves held by the country stood at $16.88 billion. Net foreign reserves held by commercial banks stood at $5.12 billion.
The Monetary Policy Committee (MPC) of SBP will meet on Monday (today) to decide on the policy rate. The SBP said it would issue the Monetary Policy Statement through a press release on the same day.
Open-market rates
In the open market, the PKR lost 98 paise for buying and 72 paise for selling against USD, closing at 283.32 and 285.12, respectively.
Against Euro, the PKR lost 3.92 rupees for buying and 3.90 rupees for selling, closing at 324.87 and 328.57, respectively.
Against UAE Dirham, the PKR lost 31 paise for buying and 27 paise for selling, closing at 76.95 and 77.72, respectively.
Against Saudi Riyal, the PKR lost 41 paise for buying and 32 paise for selling, closing at 75.21 and 75.93, respectively.
=========================================
THE RUPEE
=========================================
Weekly inter-bank market rates for dollar
=========================================
Bid Close Rs. 282.96
Offer Close Rs. 283.16
Bid Open Rs. 282.17
Offer Open Rs. 282.37
=========================================
Weekly open-market rates for dollar
=========================================
Bid Close Rs. 283.32
Offer Close Rs. 285.12
Bid Open Rs. 282.34
Offer Open Rs. 284.40
=========================================
Copyright Business Recorder, 2025
Comments
Comments are closed for this article.