KARACHI: The rupee remained range-bound during the previous week, staying in the 177 level with a cumulative fall of 0.22%. The rupee is having to endure the pressure of the Russia-Ukraine conflict that has already pushed oil prices to multi-year highs.

Additionally, prices of commodities have also increased, raising concerns of Pakistan’s import bill. However, during the week, data revealed Pakistan’s imports declined by 2.2 percent on a month-on-month basis and remained $5.903 billion in February 2022 compared to $6.041 billion in January 2022. Pressure on the currency is likely to persist as the market keenly follows developments on the Russia-Ukraine front along with the Iranian nuclear talks.

Open-market movement

In the open market, the PKR lost 50 paisas for both buying and selling over the week, closing at 178 and 179, respectively. Against Euro, the PKR gained 1.50 rupees for both buying and selling over the week, closing at 196 and 198, respectively. Against UAE Dirham, the PKR recorded net gain of 28 paisas for buying and 20 paisas for selling, closing at 48.32 and 48.80, respectively.

Rupee posts further recovery against US dollar

Against Saudi Riyal, the PKR overall lost 5 paisas for buying and 10 selling, closing at 46.85 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. 177.40

Offer Close Rs. 177.50

Bid Open Rs. 177.00

Offer Open Rs. 177.10

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Weekly Open market rates for dollar

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Bid Close Rs. 178.00

Offer Close Rs. 179.00

Bid Open Rs. 177.50

Offer Open Rs. 178.50

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Copyright Business Recorder, 2022