KARACHI: Rupee remained largely stable against the US dollar in the inter-bank market during the previous week. The local unit closed at 277.61, against 277.64 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
During the previous week, the central bank said improvement in Pakistan’s macroeconomic conditions in the financial year (FY) 2023-24 was expected to maintain momentum in FY2024-25 as well. It predicting real gross domestic product (GDP) growth of 2.5 – 3.5% for the fiscal 2025, lower than the government’s target of 3.6%.
In its annual report, the SBP said Pakistan’s macroeconomic conditions improved in FY24, clocking in at 2.5% supported by stabilisation policies, successful engagement with the International Monetary Fund (IMF), reduced uncertainty, and favourable global economic environment.
Meanwhile, foreign exchange reserves held by the SBP increased by $215 million on a weekly basis, clocking in at $11.02 billion to hit 2.5-year high as of October 11, 2024. Total liquid foreign reserves held by the country stood at $16.11 billion. Net foreign reserves held by commercial banks stood at $5.09 billion.
Open-market rates
In the open market, the PKR gained 55 paise for buying and 46 paise for selling against USD, closing at 277.60 and 279.13, respectively.
Against Euro, the PKR gained 2.64 rupees for buying and 2.69 rupees for selling, closing at 299.19 and 301.98, respectively.
Against UAE Dirham, the PKR gained 10 paise for buying and 6 paise for selling, closing at 75.22 and 75.95, respectively.
Against Saudi Riyal, the PKR gained 10 paise for buying and 11 paise for selling, closing at 73.42 and 74.06, 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. 277.61
Offer Close Rs. 277.81
Bid Open Rs. 277.64
Offer Open Rs. 277.84
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Weekly open-market rates for dollar
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Bid Close Rs. 277.60
Offer Close Rs. 279.13
Bid Open Rs. 278.15
Offer Open Rs. 279.59
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Copyright Business Recorder, 2024
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