KARACHI: The rupee ended with a minor gain against the US dollar, continuing a positive close for the sixth consecutive week.
The local unit gained Re0.02 or 0.007% to close at 277.93, compared to 277.95 it had closed the week earlier against the greenback.
The week started with a significant rise in the petrol price by up to Rs9.66 per litre.
Meanwhile, the International Monetary Fund (IMF) said that its Executive Board meeting was expected to be held in “late April” upon which Pakistan would receive funds of around $1.1 billion.
Moreover, after a gap of four years, a net inflow in T-Bills of $82 million was seen from March 01-22, 2024, according to official State Bank of Pakistan (SBP) data. Since January 2024 these inflows have reached $126 million.
Pakistan’s trade deficit narrowed by 24.94% in the first nine months (July-March) of the current fiscal year 2023-24 as it stood at $17.030 billion compared to $22.688 billion during the same period of last fiscal year, said the Pakistan Bureau of Statistics.
Foreign exchange reserves held by the central bank increased by $19 million on a weekly basis, clocking in at $8.04 billion as of March 29, SBP data showed. Total liquid foreign reserves held by the country stood at $13.38 billion. Net foreign reserves held by commercial banks stood at $5.34 billion.
In the open market, the PKR gained 76.00 paisa for buying and 45.00 paisa for selling against USD, closing at 277.11 and 279.75, respectively.
Against Euro, the PKR lost 55 paisa for buying and 62 paisa for selling, closing at 298.61 and 301.40, respectively.
Against UAE Dirham, the PKR gained 11 paisa for buying and 9 paisa for selling, closing at 75.28 and 76.01, respectively.
Against Saudi Riyal, the PKR gained 39 paisa for buying and 37 paisa for selling, closing at 73.26 and 73.97, 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. 277.93
Offer Close Rs. 278.13
Bid Open Rs. 277.95
Offer Open Rs. 278.15
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Weekly open-market rates for dollar
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Bid Close Rs. 277.11
Offer Close Rs. 279.75
Bid Open Rs. 277.86
Offer Open Rs. 280.27
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Copyright Business Recorder, 2024
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