KARACHI: The rupee ended with a marginal gain of 0.2% on a weekly basis, but not before it had closed at its weakest level in history of 202.01 against the US dollar in the inter-bank market on May 26 (Thursday).
The rupee lost value from Monday through Thursday, plunging to as low as 202.5 in inter-bank trading before posting a recovery.
On Friday, the rupee gained 1.13%, the currency’s first increase against the dollar after 16 successive sessions of depreciation,as the government hiked prices of petroleum products, signalling its intention to revive the International Monetary Fund (IMF) programme.
Only a day earlier, talks with the IMF had ended without programme-revival as the lender linked removal of energy subsidies to its list of deliverables for release of the next tranche.
The inconclusive talks prompted action by the government that responded with a Rs30-per-litre hike in petroleum rates the very next day.
Experts believe the rupee is likely to remain under pressure as the government navigates a treacherous economic road with higher inflation, fiscal expenditure and falling foreign exchange reserves playing on the minds of markets as well as policymakers.
Open-market rates
In the open market, the PKR gained 50 paisas for buying while remaining unchanged for selling against USD, closing at 199 and 201, respectively.
Against Euro, the PKR lost 3 rupees for both buying and selling, closing at 213 and 215, respectively.
Against UAE Dirham, the PKR gained 50 paisas for both buying and selling, closing at 54.20 and 54.70, respectively.
Against Saudi Riyal, the PKR gained 50 paisas for both buying and selling closing, at 52.50 and 53, respectively.
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THE RUPEE
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Weekly Interbank market rates for dollar
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Bid Close Rs. 199.20
Offer Close Rs. 199.40
Bid Open Rs. 199.80
Offer Open Rs. 200.20
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Weekly Open market rates for dollar
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Bid Close Rs. 199.00
Offer Close Rs. 201.00
Bid Open Rs. 199.50
Offer Open Rs. 201.00
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Copyright Business Recorder, 2022
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