KARACHI: Despite recording a 0.14% gain on Friday, the rupee closed marginally lower in the inter-bank market last week with a widening trade deficit continuing to take toll on the currency.
After opening at 176.51 in 2022, the rupee recorded a 0.14% fall on Tuesday, the first trading day on account of a bank holiday on Monday, followed by some level of stability the next day.
However, as numbers from the trade deficit came to light, the rupee lost yet another 0.1%.
On Friday, the rupee recovered its losses as the International Monetary Fund (IMF) announced that its board meeting agenda will include Pakistan. However, the IMF removed it from the agenda later. The removal is likely to impact the rupee in the coming week.
Open-market movement
Meanwhile, fall in the open market was much higher.
In the open market, the PKR lost one rupee for both buying and selling over the week, closing at 178.50 and 179.50, respectively.
Against Euro, the PKR lost 20 paisas for buying and 50 paisas for selling over the week, closing at 199.70 and 201.50, respectively.
Against UAE Dirham, the PKR recorded net gain of 20 paisas for both buying and selling, closing at 49.50 and 49.90, respectively.
Against Saudi Riyal, the PKR overall lost 60 paisas for buying and 70 paisas for selling, closing at 46.90 and 47.30, respectively.
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THE RUPEE
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Weekly Interbank market rates for dollar
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Bid Close Rs. 176.50
Offer Close Rs. 176.60
Bid Open Rs. 176.45
Offer Open Rs. 176.55
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Weekly Open market rates for dollar
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Bid Close Rs. 178.50
Offer Close Rs. 179.50
Bid Open Rs. 177.50
Offer Open Rs. 178.50
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Copyright Business Recorder, 2022