PKR fails to halt weekly slide

KARACHI: PKR failed to halt its weekly slide against major currencies in Pakistani markets.

In five days of trading, PKR fell during all but Wednesday. However, that gain was not enough to offset the overall losses and PKR ended the week well below 168 against USD in open market and just around and at 168 in interbank market. During the week, PKR touched 200 against Euro in open market and ended the week just shy of it.

Economists have again pointed out the rising negative gap between imports and exports as primary factor behind these continuing falls. The current account deficit has widened primarily due to rise in oil prices in August, import of commodities, raw materials and machinery.

In global markets, dollar ended the week on a softer note on Friday as telephonic conversation between US President Joe Biden and Chinese Premier Xi Jinping increased prospects of thawing in relations between the two super powers. A weaker than expected US jobs data in August had also dimmed hopes of Federal Reserve pulling back its monetary surplus earlier than expected.

INTER-BANK MARKET RATES: In the interbank market, Pakistan Rupee overall lost one rupee for both buying and selling against USD over the week closing at 168 and 168.10 respectively.

OPEN MARKET RATES: In the open market, PKR overall lost 80 paisas for both buying and selling over the week closing at 168.40 and 168.70 respectively. Against Euro, PKR slid by 50 paisas for both buying and selling over the week closing at 198 and 199.50 respectively. Against UAE Dirham, PKR recorded net loss of 40 paisas for both buying and selling closing at 46 and 46.20 respectively.

Against Saudi Riyal, PKR overall lost 15 paisas for buying and 20 paisas for selling as well closing at 44.50 and 44.75 respectively.

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Weekly Interbank market rates for dollar.

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BID CLOSE Rs. 168.00

OFFER CLOSE Rs. 168.10

BID OPEN Rs. 167.00

OFFER OPEN Rs. 167.10

Weekly Open market rates for dollar.

BID CLOSE Rs. 168.40

OFFER CLOSE Rs. 168.70

BID OPEN Rs. 167.60

OFFER OPEN Rs. 167.90

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