KARACHI: The rupee depreciated in all 5 sessions against the US dollar during the previous week, falling 0.44% to settle at 228.15 in the inter-bank market.
A drastic fall in foreign exchange was also reported on Thursday, with State Bank of Pakistan (SBP) reserves hitting the $4.3-billion mark after debt repayment of over $1.2 billion.
While Pakistan managed to secure a rollover of $2 billion and the UAE also announced an additional loan of $1 billion, inflows have yet to materialise, underscoring the importance of reviving the stalled International Monetary Fund (IMF) programme. The lack of foreign exchange has rendered it difficult for the business community to secure letters of credit, with imports hard to come by in the current scenario.
18th straight loss: rupee falls marginally against US dollar
Governor of SBP Jameel Ahmad during the week assured the business community of resolving the issue of restrictions on dollars soon, as manufacturers projected dim prospects regarding industrial production if import of raw materials remains blocked.
The SBP is reportedly set to hold a meeting with representatives of the FPCCI and KCCI on January 18 to look for ways to solve the issues faced by the business community. In the absence of concrete inflows and avenues, Pakistan is likely to see its currency remain under pressure as the gap widens between its inter-bank and open, grey markets.
Open-market rates
In the open market, the PKR lost 2 rupees for both buying and selling against USD, closing at 236.25 and 238.50, respectively.
Against Euro, the PKR lost 3.50 rupees for buying and 4 rupees for selling, closing at 269 and 271, respectively.
Against UAE Dirham, the PKR gained 70 paisas for buying and 60 paisas for selling, closing at 67.80 and 68.40, respectively. Against Saudi Riyal, the PKR gained 70 paisas for buying and 60 paisas for selling, closing at 65.90 and 66.50, 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. 228.15
Offer Close Rs. 229.15
Bid Open Rs. 227.15
Offer Open Rs. 228.15
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Weekly open-market rates for dollar
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Bid Close Rs. 236.25
Offer Close Rs. 238.50
Bid Open Rs. 234.25
Offer Open Rs. 236.50
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Copyright Business Recorder, 2023
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