KARACHI: Pakistan rupee remained under pressure during last week primarily due to uncertainty around IMF Extended Fund Faciltiy (EFF) negotiations; touching historic lows of 178 in open market and 175.83 in interbank market against USD. This uncertainty also had its effect on PSX where trade volume and market index saw a gradual decline throughout the week.
A section of economic experts are optimistic that pressure on PKR will come down once IMF negotiations are concluded successfully. Pakistan’s liquid foreign exchange reserves crossed $24 billion during last week and this should also bring much needed positivity in the market. However, another section of economists have pointed out that despite IMF funding, Pakistan will still be facing a huge funding gap because of rising CAD, debt servicing and increase in freight charges.
INTER-BANK MARKET RATES: In the interbank market, Pakistan Rupee overall lost 5.58 rupees for both buying and selling against USD over the week; closing at 175.73 and 175.83 respectively.
OPEN MARKET RATES: In the open market, PKR lost 6 rupees for both buying and selling over the week closing at 177 and 178 respectively. Against Euro, PKR lost 5.50 rupees for both buying and selling over the week closing at 202 and 204 respectively.
Against UAE Dirham, PKR recorded net loss of 2.30 rupees for buying and 2.40 rupees for selling closing at 49.90 and 50.40 respectively. Against Saudi Riyal, PKR overall lost 1.60 rupees for buying and 1.55 rupees selling closing at 46.60 and 47 respectively.
========================================
Weekly Interbank market rates for dollar
========================================
Bid Close Rs. 175.73
Offer Close Rs. 175.83
Bid Open Rs. 170.15
Offer Open Rs. 170.25
========================================
Weekly Open market rates for dollar
========================================
Bid Close Rs. 177.00
Offer Close Rs. 178.00
Bid Open Rs. 171.00
Offer Open Rs. 172.00
========================================
Copyright Business Recorder, 2021