KARACHI: The rupee fell 0.66% during the previous week, losing value in 3 of the 4 sessions while remaining unchanged in the other, to end at a new record low of 181.78 against the US dollar in the inter-bank market.
The currency remained under pressure even as Pakistan’s current account deficit shrunk in February, as falling foreign exchange reserves and out-of-control oil prices kept the market on edge.
Expectations of a high import bill in coming months have remained intact, say market experts. Additionally, rising political uncertainty over the opposition’s no-confidence motion against the prime minister have only added to the woes as market sentiment remains dented.
Open-market rates
In the open market, the PKR lost 1.30 rupees for both buying and selling against USD, closing at 182 and 183, respectively.
Against Euro, the PKR lost 60 paisas for buying and one rupee for selling, closing at 199.10 and 201, respectively.
Against UAE Dirham, the PKR lost 81 paisas for buying and 90 paisas for selling, closing at 49.91 and 50.40, respectively.
Against Saudi Riyal, the PKR lost 70 paisas for buying and 75 paisas for selling, closing at 48.30 and 48.75, respectively.
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THE RUPEE
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Weekly Interbank market rates for dollar
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Bid Close Rs. 181.65
Offer Close Rs. 181.75
Bid Open Rs. 180.55
Offer Open Rs. 180.65
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Weekly Open market rates for dollar
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Bid Close Rs. 182.00
Offer Close Rs. 183.00
Bid Open Rs. 180.70
Offer Open Rs. 181.70
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Copyright Business Recorder, 2022