KARACHI: The rupee increased marginally for the fourth consecutive week as it gained Re0.60 or 0.20% against the US dollar in the inter-bank market.
The local unit closed the week at 278.14 level, compared to 278.74 it had closed the week earlier against the greenback.
In a key development during the previous week, Pakistani authorities reached staff-level agreement with the International Monetary Fund (IMF) on the second and final review of the $3 billion Stand-By Arrangement (SBA).
The agreement is subject to approval by the IMF’s Executive Board, upon which the remaining access under the SBA, $1.1 billion will become available for the country.
The country has borrowed $6.678 billion from multiple financing sources during the first eight months (July-February) of the current fiscal year 2023-24, compared to $7.407 billion borrowed during the same period of 2022-23, revealed Economic Affairs Division data.
Prime Minister Shehbaz Sharif said Pakistan needs another IMF programme to revive the economy and put the country on the path to development.
Meanwhile, the Monetary Policy Committee of the State Bank of Pakistan (SBP) kept the key policy rate unchanged at 22%, its sixth successive decision to maintain the status quo.
During the week, foreign exchange reserves held by the SBP increased by $105 million on a weekly basis, clocking in at $8.02 billion as of March 15. Total liquid foreign reserves held by the country stood at $13.4 billion. Net foreign reserves held by commercial banks stood at $5.38 billion.
In the open market, the PKR gained 53.00 paisa for buying and 47.00 paisa for selling against USD, closing at 278.14 and 280.73, respectively.
Against Euro, the PKR gained 2.17 rupees for buying and 2.10 rupees for selling, closing at 299.52 and 302.46, respectively.
Against UAE Dirham, the PKR gained 24.00 paisa for buying and 25.00 paisa for selling, closing at 75.50 and 76.22, respectively. Against Saudi Riyal, the PKR gained 28.00 paisa for buying and 26.00 paisa for selling, closing at 73.74 and 74.42, 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. 278.14
Offer Close Rs. 278.34
Bid Open Rs. 278.74
Offer Open Rs. 278.94
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Weekly open-market rates for dollar
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Bid Close Rs. 278.14
Offer Close Rs. 280.00
Bid Open Rs. 278.66
Offer Open Rs. 281.25
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Copyright Business Recorder, 2024