KARACHI: Even though PKR lost some value during last two days of trading last week, it ended up well inside the green zone owing to positive sentiments that took had taken hold of the market a week before after announcement of KSA's financial support package worth around $4.2 billion.
Statements from Finance ministry regarding ongoing IMF Pakistan negotiations with respect to Extended Funded Facility also kept PKR up during the week. According to economic experts, PKR can be expected to appreciate more after resumption of IMF programme. During five days of trading, PKR went up against USD in interbank market by a higher margin than that in open market while also ending the week well below 200 against Euro.
INTER-BANK MARKET RATES: In the interbank market, Pakistan Rupee overall gained 1.41 rupees for both buying and selling against USD over the week; closing at 170.15 and 170.25 respectively.
OPEN MARKET RATES: In the open market, PKR gained 80 paisas for both buying and selling over the week closing at 171 and 172 respectively.
Against Euro, PKR gained 2.60 rupees for buying and 2.50 rupees for selling over the week closing at 196.50 and 198.50 respectively.
Against UAE Dirham, PKR recorded net gain of 80 paisas for buying and 85 paisas for selling closing at 47.60 and 48 respectively.
Against Saudi Riyal, PKR overall gained 35 paisas for both buying and selling closing at 45 and 45.45 respectively.
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Weekly Interbank market rates for dollar
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Bid Close Rs. 170.15
Offer Close Rs. 170.25
Bid Open Rs. 171.56
Offer Open Rs. 171.66
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Weekly Open market rates for dollar
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Bid Close Rs. 171.00
Offer Close Rs. 172.00
Bid Open Rs. 171.80
Offer Open Rs. 172.80
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Copyright Business Recorder, 2021