KARACHI: The rupee once again enjoyed a positive week, appreciating nearly 2.1% across the five sessions to close at 296.85 against the US dollar in the inter-bank market.

The currency closed positive on all five days, extending its winning run to eight successive sessions as momentum continued to favour the rupee.

In the open market as well, the rupee enjoyed a winning run, with the gap between the two markets narrowing well within the limit prescribed by the International Monetary Fund (IMF).

The change in fortune comes as authorities introduced some reforms in the Exchange Companies’ sector and reportedly cracked down on smuggling, lending support to the currency markets.

During the week, the State Bank of Pakistan (SBP) reported lower foreign exchange reserves and a current account deficit of $160 million in August 2023 compared to $775 million in July 2023 and $774 million in August 2022.

Open-market rates

In the open market, the PKR gained 7.00 rupees for both buying and selling against USD, closing at 294.00 and 297.00, respectively.

Against Euro, the PKR gained 1.00 rupee for both buying and selling, closing at 321.00 and 324.00, respectively.

Against UAE Dirham, the PKR gained 2.30 rupees for both buying and selling, closing at 82.20 and 83.00, respectively.

Against Saudi Riyal, the PKR gained 1.00 rupee for buying and 1.10 rupee for selling, closing at 79.00 and 79.70, 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. 296.80

Offer Close Rs. 297.00

Bid Open Rs. 302.90

Offer Open Rs. 303.10

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Weekly open-market rates for dollar

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Bid Close Rs. 294.00

Offer Close Rs. 297.00

Bid Open Rs. 301.00

Offer Open Rs. 304.00

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Copyright Business Recorder, 2023