KARACHI: The rupee managed to register another positive week as it gained Re0.18 or 0.06% against the US dollar in the inter-bank market.
It was the 12th consecutive week the local unit appreciated against the greenback. This marginal yet continuous recovery has been on the back of Pakistan advancing with the $3 billion Stand-By Arrangement (SBA) from the International Monetary Fund (IMF).
During the previous week, Business Recorder, citing its sources, reported that the government team is all set to hold a session with the IMF on tariff rationalisation meant to reduce tariff for industry up to cents 11.75 per unit from cents 14 per unit through subsidy neutral proposal.
Meanwhile, the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) maintained status quo and kept the key policy rate at 22%. “The committee noted that the external account (position) has become better,” said SBP Governor Jameel Ahmad.
It was also reported that the outgoing caretaker cabinet approved reorganisation and digitisation of the Federal Board of Revenue (FBR) after the recommendations of the inter-ministerial committee headed by Dr Shamshad Akhtar, Caretaker Federal Minister for Finance. However, the interim government has left the launching and operationalisation to the next elected government to be made after the general elections scheduled for February 8.
In the open market, the PKR remained unchanged for buying and lost 5 paisa for selling against USD, closing at 279.18 and 281.21, respectively.
Against Euro, the PKR lost 60 paisa for buying and 47 paisa for selling, closing at 302.97 and 305.68, respectively.
Against UAE Dirham, the PKR gained 10 paisa for buying and 2 paisa for selling, closing at 76.22 and 76.98, respectively.
Against Saudi Riyal, the PKR gained 3 paisa for buying and 2 paisa for selling, closing at 74.38 and 75.02, 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. 279.41
Offer Close Rs. 279.61
Bid Open Rs. 279.59
Offer Open Rs. 279.79
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Weekly open-market rates for dollar
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Bid Close Rs. 279.18
Offer Close Rs. 281.21
Bid Open Rs. 279.07
Offer Open Rs. 281.17
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Copyright Business Recorder, 2024