KARACHI: The rupee closed the last week of the fiscal year 2023-24 on a positive note as the currency saw a marginal appreciation of 0.06% against the US dollar in the inter-bank market.
The local unit closed at 278.34, against 278.51 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
The domestic currency that had stood at 285.99 on June 27, 2023 remained relatively stable for most part of the FY24, mostly on the back of administrative measures taken by the SBP announced in September to curb illegal trading and smuggling of currency.
In FY24, the rupee witnessed 2.8% year-on-year appreciation against the US dollar.
The appreciation was primarily due to a decrease in the current account deficit, improvement in foreign inflows, a reduction in the spread between open and inter-bank rates, and other administrative measures, a brokerage house said.
In a key development during the previous week, the National Assembly passed the government’s tax-heavy finance bill for the coming fiscal year ahead of more talks on a new bailout with the International Monetary Fund (IMF) as it seeks to avert a debt default for an economy growing at the slowest pace in South Asia.
The government presented the tax-loaded budget two weeks ago, drawing sharp criticism from the opposition parties and other business entities that expressed concern over rising government expenditures and little fiscal room for economic growth.
However, Federal Minister for Finance & Revenue Muhammad Aurangzeb assured that the budget would ensure favourable outcomes for both the public and the business community.
Meanwhile, foreign exchange reserves held by the SBP decreased by $239 million on a weekly basis, clocking in at $8.896 billion as of June 21. Total liquid foreign reserves held by the country stood at $14.207 billion. Net foreign reserves held by commercial banks stood at $5.311 billion, as per the central bank’s data.
In the open market, the PKR gained 29 paise for buying and 28 paise for selling against USD, closing at 277.41 and 280.07, respectively.
Against Euro, the PKR gained 74 paise for buying and 84 paise for selling, closing at 293.35 and 296.17, respectively.
Against UAE Dirham, the PKR gained 19 paise for buying and 24 paise for selling, closing at 74.90 and 75.59, respectively.
Against Saudi Riyal, the PKR gained 9 paise for buying and 12 paise for selling, closing at 73.01 and 73.69, 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. 278.34
Offer Close Rs. 278.54
Bid Open Rs. 278.51
Offer Open Rs. 278.71
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Weekly open-market rates for dollar
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Bid Close Rs. 277.41
Offer Close Rs. 280.07
Bid Open Rs. 277.69
Offer Open Rs. 280.37
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Copyright Business Recorder, 2024
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