KARACHI: The rupee appreciated 2.45% during the previous week, reportedly helped by realisation of export proceeds and higher inflow of remittances through legal channels, to end at 262.82 against the US dollar.
During the week, the State Bank of Pakistan (SBP) also reported a slight increase in foreign exchange reserves, which clocked in at $3.19 billion.
However, while the gain was a relief, the market is keenly awaiting revival of the International Monetary Fund (IMF) programme before which any positive movement in the currency is going to be short-lived.
In its bid to convince the lender, Pakistan has already looked to implement some of the conditions with Federal Minister for Finance and Revenue Ishaq Dar introducing the Finance (Supplementary) Bill, 2023 with taxation measures of Rs170 billion.
However, the bill has yet to be put to a vote in the National Assembly.
Open-market rates
In the open market, the PKR gained 5 rupees for both buying and selling against USD, closing at 265 and 268, respectively. Against Euro, the PKR gained 6.50 rupees for buying and selling, closing at 278.50 and 281.50, respectively.
Against UAE Dirham, the PKR gained 1.60 rupees for buying and 1.50 rupees for selling, closing at 72.70 and 73.50, respectively.
Against Saudi Riyal, the PKR gained 1.50 rupees for both buying and selling, closing at 69.80 and 70.50, respectively.
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THE RUPEE
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Weekly inter-bank market rates for dollar
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Bid Close Rs. 262.80
Offer Close Rs. 264.80
Bid Open Rs. 269.25
Offer Open Rs. 271.25
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Weekly open-market rates for dollar
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Bid Close Rs. 265.00
Offer Close Rs. 268.00
Bid Open Rs. 270.00
Offer Open Rs. 273.00
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Copyright Business Recorder, 2023