KARACHI: The rupee registered marginal improvement during the previous week as it gained Re0.07 or 0.02% against the US dollar.
The local unit closed at 277.67, against 277.74 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
The rupee fell during the first two days of the week, but made a recovery of Re0.26 in the last three sessions.
The domestic currency witnessed some improvement against the dollar after a span of three weeks.
Market experts attributed the rupee’s gain to improved supply of dollars in the market
Meanwhile, foreign exchange reserves held by the SBP increased by $84 million on a weekly basis, clocking in at $11.26 billion as of November 8. Total liquid foreign reserves held by the country stood at $15.97 billion. Net foreign reserves held by commercial banks stood at $4.71 billion.
Open-market rates
In the open market, the PKR lost 6 paise for buying and gained 9 paise for selling against USD, closing at 276.89 and 278.65, respectively.
Against Euro, the PKR gained 6.03 rupees for buying and 6.10 rupees for selling, closing at 291.10 and 293.80, respectively.
Against UAE Dirham, the PKR lost 1 paisa for buying and remained unchanged for selling, closing at 75.27 and 75.97, respectively.
Against Saudi Riyal, the PKR remained unchanged for buying and lost 2 paise for selling, closing at 73.52 and 74.16, respectively.
THE RUPEE
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Weekly inter-bank market rates for dollar
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Bid Close Rs. 277.67
Offer Close Rs. 277.87
Bid Open Rs. 277.74
Offer Open Rs. 277.94
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Weekly open-market rates for dollar
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Bid Close Rs. 276.89
Offer Close Rs. 278.65
Bid Open Rs. 276.83
Offer Open Rs. 278.74
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Copyright Business Recorder, 2024
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