KARACHI: The rupee gained marginally during the shortened previous week as it appreciated Re0.13 or 0.04% against the US dollar in the inter-bank market.
The shorter, but crucial week for the country brought a 13th consecutive weekly gain for the local unit against the greenback. The week witnessed two public holidays, on account of Kashmir Solidarity Day on Monday and the General Election 2024 on Thursday.
Millions of citizens exercised their right to vote on February 8. As per provisional results issued by the Election Commission of Pakistan (ECP), independents, especially those associated with the Pakistan Tehreek-e-Insaf, were ahead of their rival parties.
However, a coalition government is in sight as no party could acquire a simple majority in the election.
It may be noted that S&P Global Ratings, a credit rating agency, earlier said a government with “popular support”” would be able to work with key institutions in the country and it would have a better chance of securing external financing from the IMF.
Meanwhile, the interim government on Sunday dismissed a “negative perception” regarding the circular debt reduction and tariff rationalisation plans, saying “productive deliberations” had been made with the International Monetary Fund (IMF) on the plans. “There have been productive deliberations with IMF after which additional information has been shared. Further progress on these plans is expected in the coming week,” it said.
In the open market, the PKR gained 24.00 paisa for buying and 16.00 paisa for selling against USD, closing at 278.89 and 281.00, respectively.
Against Euro, the PKR gained 2.00 rupees for buying and 2.09 rupees for selling, closing at 299.27 and 302.00, respectively.
Against UAE Dirham, the PKR gained 16.00 paisa for buying and 18.00 paisa for selling, closing at 76.12 and 76.82, respectively.
Against Saudi Riyal, the PKR gained 27.00 paisa for buying and 21.00 paisa for selling, closing at 74.18 and 74.85, 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. 279.28
Offer Close Rs. 279.48
Bid Open Rs. 279.41
Offer Open Rs. 279.61
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Weekly open-market rates for dollar
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Bid Close Rs. 278.89
Offer Close Rs. 281.00
Bid Open Rs. 279.18
Offer Open Rs. 281.21
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Copyright Business Recorder, 2024