AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)

KARACHI: The rupee closed last week with a 0.61% gain against the US dollar, but not before it had plummeted to its all-time low of 211.93 in the inter-bank market on Wednesday.

The rupee lost value in four of the five sessions during the previous week, but on Thursday it posted its biggest day-on-day appreciation, in absolute terms, against the US dollar in history. The gain that one day alone was Rs4.7, taking the currency from 211.93 to 207.23.

On Friday, the rupee depreciated marginally to close the week at 207.48.

The improvement on Thursday came on the back of “progress on budget measures” with the International Monetary Fund (IMF) as well as hope of foreign exchange inflow after Finance Minister Miftah Ismail announced that the Chinese consortium had agreed to extend the roughly $2.3-billion loan.

Oil prices, an important measure of Pakistan’s import bill, also fell during the week as pressure on the rupee reduced.

Rupee closes with historic gain over US dollar, ends at 207.23

While foreign exchange reserves held by the State Bank of Pakistan fell to $8.24 billion, the coming days will see the inflow from Chinese banks reflected in the official SBP reserves, easing some strain on Pakistan’s external account. Additionally, Pakistan also moved to appease the IMF, imposing a ‘super tax’ on large-scale industries with hope that the new budget measures would pave way for the inflow of the next tranche worth around $900 million.

Open-market rates

In the open market, the PKR gained3 rupees for both buying and selling against USD, closing at 207 and 209, respectively.

Against Euro, the PKR gained 4 rupees for both buying and selling, closing at 217 and 219, respectively.

Against UAE Dirham, the PKR gained 1.30 rupees for buying and 1.20 rupees for selling, closing at 55.80 and 56.30, respectively.

Against Saudi Riyal, the PKR gained 1.10 rupees for buying and one rupee for selling closing, at 54.80 and 55.30, respectively.

========================================

THE RUPEE

========================================

Weekly Interbank market rates for dollar

========================================

Bid Close Rs. 207.50

Offer Close Rs. 207.70

Bid Open Rs. 208.90

Offer Open Rs. 209.10

========================================

Weekly Open market rates for dollar

========================================

Bid Close Rs. 207.00

Offer Close Rs. 209.00

Bid Open Rs. 210.00

Offer Open Rs. 212.00

========================================

Copyright Business Recorder, 2022

Comments

Comments are closed.