KARACHI: Rupee gained against the US dollar in the inter-bank market as it appreciated by Rs1.42 or 0.50% during the previous week.
The local unit closed at 283.45, against 284.87 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
The week-on-week gain was 93-week high, AKD Securities said, as a reported crackdown against currency smugglers helped the rupee recover against the dollar.
The central bank will continue to build its dollar stockpile but at a slower pace without putting undue pressure on the rupee, according to Citigroup Inc., Bloomberg reported.
The foreign exchange reserves held by the SBP decreased by $69 million during the week ending July 18, 2025, as the country made scheduled external debt repayments.
According to SBP data, the central bank’s reserves fell to $14.46 billion, down from $14.53 billion recorded a week earlier.
Prime Minister Shehbaz Sharif decided to continue the remittance incentive scheme, directing the Ministry of Finance to immediately release funds on a priority basis for the Workers’ Remittances Incentive Scheme.
Open-market rates
In the open market, the PKR gained 1.91 rupee for buying and 2.05 rupees for selling against USD, closing at 285.46 and 286.55, respectively.
Against Euro, the PKR gained 67 paise for buying and 1.91 rupee for selling, closing at 334.25 and 336.36, respectively.
Against UAE Dirham, the PKR gained 99 paise for buying and 1.22 rupee for selling, closing at 77.53 and 78.00, respectively.
Against Saudi Riyal, the PKR gained 1.06 rupee for buying and 1.05 rupee for selling, closing at 75.75 and 76.30, 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. 283.45
Offer Close Rs. 283.65
Bid Open Rs. 284.46
Offer Open Rs. 284.65
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Weekly open-market rates for dollar
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Bid Close Rs. 285.46
Offer Close Rs. 286.55
Bid Open Rs. 286.35
Offer Open Rs. 287.50
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Copyright Business Recorder, 2025
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