KARACHI: The rupee saw a substantial depreciation of 2.5% during the four-session previous week, closing at 295.78 against the US dollar in the inter-bank market on Friday.
This was its weakest closing level since May 11, and also precariously near the all-time historic low against the US dollar in the inter-bank market.
However, its fall meant the gap with open-market rates narrowed, which was earlier under scrutiny as the International Monetary Fund (IMF) has prescribed a 1.25% difference in its country report after the Stand-By Arrangement.
In the coming days, the rupee is expected to remain under pressure as foreign exchange inflows seemed to have dried up.
Additionally, Pakistan reported a current account deficit of $809 million during the previous week, the highest monthly gap since October 2022.
Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $12 million on a weekly basis, clocking in at $8.06 billion as of August 11, data released showed.
During the week, the caretaker cabinet also took oath with Dr Shamshad Akhtar being appointed the interim finance minister.
Open-market rates
In the open market, the PKR lost 6.00 rupees for both buying and selling against USD, closing at 299.00 and 302.00, respectively.
Against Euro, the PKR lost 4.00 rupees for both buying and selling, closing at 325.00 and 328.00, respectively.
Against UAE Dirham, the PKR lost 1.00 rupee for both buying and selling, closing at 82.70 and 83.50, respectively.
Against Saudi Riyal, the PKR lost 50 paisa for buying and 1.25 rupee for selling, closing at 79.00 and 80.50, 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. 295.70
Offer Close Rs. 295.90
Bid Open Rs. 288.45
Offer Open Rs. 288.65
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Weekly open-market rates for dollar
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Bid Close Rs. 299.00
Offer Close Rs. 302.00
Bid Open Rs. 293.00
Offer Open Rs. 296.00
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Copyright Business Recorder, 2023