KARACHI: PKR went through quite a see-saw movement during last week. During first two days of trading, it went down crossing 175 mark against USD in both interbank and open markets as IMF talks dragged on thus creating an uncertain environment. PKR then rebounded during next three days after positive sentiments pervaded in reaction to announcement on Tuesday night by Saudi Arabia of multi-billion dollar financial support package that included $3 billion in safe deposits and $1.2 billion in deferred oil payments. In face of rising trade deficit and international commodity prices, Pakistan has been forced to rely on external financing and KSA support package has helped to some extent. However, economists stress that increasing exports and controlling imports is the only reliable long term solution.
INTER-BANK MARKET RATES: In the interbank market, Pakistan Rupee overall gained 2.44 rupees for both buying and selling against USD over the week thus regaining almost the entire value lost the week before; closing at 171.56 and 171.66 respectively.
OPEN MARKET RATES: In the open market, PKR gained 1.70 rupees for buying and 1.50 rupees for selling over the week closing at 171.80 and 172.80 respectively.
Against Euro, PKR gained 1.50 rupees for buying and 1.20 rupees for selling over the week closing at 199.10 and 201 respectively. Against UAE Dirham, PKR recorded net gain of 90 paisas for buying and one rupee for selling closing at 48.40 and 48.85 respectively. Against Saudi Riyal, PKR overall gained 1.15 rupees for buying and 1.90 rupees for selling closing at 45.35 and 45.80 respectively.
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Weekly Interbank market rates for dollar
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Bid Close Rs. 171.56
Offer Close Rs. 171.66
Bid Open Rs. 174.00
Offer Open Rs. 174.10
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Weekly Open market rates for dollar
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Bid Close Rs. 171.80
Offer Close Rs. 172.80
Bid Open Rs. 173.50
Offer Open Rs. 174.30
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Copyright Business Recorder, 2021