KARACHI: The rupee closed another week with a marginal decline as it lost Re0.05 or 0.02% against the US dollar. The local unit closed at 278.55, against 278.50 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
During the previous week, Finance Minister Muhammad Aurangzeb informed that Pakistan had secured commitments from China, Saudi Arabia and the United Arab Emirates to rollover debt for a year, a major step as Islamabad looks to secure its next bailout with the International Monetary Fund (IMF).
Also, high-level officials from Pakistan including FM Aurangzeb and Minister for Power Sardar Awais Ahmad Khan Leghari held discussions with the Chinese authorities on the country’s energy sector.
Meanwhile, inflow of overseas workers’ remittances clocked in at nearly $3 billion in July, a massive 48% higher on a year-on-year basis when compared with $2.03 billion in the same month of the previous year, showed data released by the central bank.
Foreign exchange reserves held by the SBP increased by $51 million on a weekly basis, clocking in at $9.15 billion as of August 2. Total liquid foreign reserves held by the country stood at $14.47 billion. Net foreign reserves held by commercial banks stood at $5.32 billion.
Open-market rates
In the open market, the PKR lost 7 paise for buying and gained 1 paisa for selling against USD, closing at 279.28 and 280.40, respectively.
Against Euro, the PKR lost 3.56 rupees for buying and 3.17 rupees for selling, closing at 303.80 and 305.41, respectively.
Against UAE Dirham, the PKR lost 5 paise for buying and gained 1 paisa for selling, closing at 75.90 and 76.35, respectively.
Against Saudi Riyal, the PKR lost 2 paise for buying and gained 2 paise for selling, closing at 74.13 and 74.55, 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. 278.55
Offer Close Rs. 278.75
Bid Open Rs. 278.50
Offer Open Rs. 278.70
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Weekly open-market rates for dollar
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Bid Close Rs. 279.28
Offer Close Rs. 280.40
Bid Open Rs. 279.21
Offer Open Rs. 280.41
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Copyright Business Recorder, 2024
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