KARACHI: Rupee remained largely stable against the US dollar during the previous week in the inter-bank market.
The local unit closed at 278.58, against 278.56 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
In a key development during the previous week, Prime Minister Shehbaz Sharif informed that the United Arab Emirates (UAE) agreed to roll over $2 billion that was due this month.
Meanwhile, SBP data showed that the inflow of overseas workers’ remittances into Pakistan stood at $3.08 billion in December 2024, 6% higher than the $2.92 billion in November 2024. Remittances increased by 29.3% year over year, to $2.38 billion, compared to the same month last year.
Inflows through the Roshan Digital Account (RDA) clocked in at $203 million in December, reflecting a growth of 9% compared to $186 million in November 2024.
Foreign exchange reserves held by the SBP decreased by $15 million on a weekly basis, clocking in at $11.70 billion as of January 3, the central bank data showed. Total liquid foreign reserves held by the country stood at $16.38 billion. Net foreign reserves held by commercial banks stood at $4.68 billion.
Open-market rates
In the open market, the PKR lost 52 paisa for buying and 33 paisa for selling against USD, closing at 278.59 and 280.18, respectively.
Against Euro, the PKR lost 74 paisa for buying and 87 paisa for selling, closing at 286.46 and 289.17, respectively. Against UAE Dirham, the PKR lost 13 paisa for buying and 15 paisa for selling, closing at 75.79 and 76.30, respectively.
Against Saudi Riyal, the PKR lost 10 paise for both buying and selling, closing at 74.08 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. 278.58
Offer Close Rs. 278.78
Bid Open Rs. 278.56
Offer Open Rs. 278.76
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Weekly open-market rates for dollar
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Bid Close Rs. 278.59
Offer Close Rs. 280.18
Bid Open Rs. 278.07
Offer Open Rs. 279.85
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Copyright Business Recorder, 2025
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