KARACHI: The rupee stood flat against the US dollar during the previous week in the inter-bank market. The local unit closed the week at 279.36 against the greenback, the same rate it had closed the week earlier.
During the previous week, Bloomberg News, citing a Pakistani official, reported that Pakistan plans to seek a new loan of at least $6 billion from the International Monetary Fund (IMF) to help the incoming government repay billions in debt due this year. The country will seek to negotiate an Extended Fund Facility with the IMF, the report said, adding that the talks with the global lender were expected to start in March or April.
Meanwhile, the total liquid foreign reserves held by the State Bank of Pakistan (SBP) decreased by $44 million to $8.012 billion during the week ended on February 16, 2024 due to debt repayments.
On the political front, newly elected members of the Punjab and Sindh assemblies took oath, while the other two assemblies may witness the session soon.
For the federal government, Pakistan Muslim League-Nawaz (PML-N) and Pakistan Peoples Party (PPP) have reached an agreement to form a coalition government in the Centre.
As per the understanding, Shehbaz Sharif will be the joint candidate for the prime minister and Asif Ali Zardari for the office of the president of Pakistan while the cabinet members will be finalised through consultations.
In the open market, the PKR lost 32.00 paisa for buying and 31.00 paisa for selling against USD, closing at 279.65 and 282.24, respectively. Against Euro, the PKR lost 1.31 rupee for buying and 1.38 rupee for selling, closing at 301.16 and 304.13, respectively.
Against UAE Dirham, the PKR gained 9.00 paisa for buying and 7.00 paisa for selling, closing at 76.00 and 76.73, respectively.
Against Saudi Riyal, the PKR gained 1.00 paisa for both buying and selling, closing at 74.24 and 74.96, 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. 279.36
Offer Close Rs. 279.56
Bid Open Rs. 279.36
Offer Open Rs. 279.56
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Weekly open-market rates for dollar
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Bid Close Rs. 279.65
Offer Close Rs. 282.24
Bid Open Rs. 279.32
Offer Open Rs. 281.77
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Copyright Business Recorder, 2024
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