KARACHI: Last week, Pakistan currency markets remained open for three out of five days on account of Ashura holidays. Over those three days, PKR recorded mixed movements where it even went in opposite direction against USD in interbank and open markets.
However, it ended the week with a net loss against USD in both interbank and open markets. The loss in interbank market was relatively less than that in open market and was also lower than the loss recorded a week before. Against euro in open market; any gains were again balanced by losses throughout the week resulting in a zero net weekly change for third consecutive week. The global currency markets started last week with weaker dollar after a study showed US consumer confidence to be sliding thus lowering expectations of Federal Reserve tightening the monetary policy. However, over the week, dollar cashed in on its safe haven attribute and recovered as fears of rising Covid Delta variant took hold of market sentiments.
INTER-BANK MARKET RATES: In the interbank market, the rupee overall lost 10 paisas for both buying and selling against USD over the week closing at 164.10 and 164.20, respectively.
OPEN MARKET RATES: In the open market, PKR overall lost 50 paisas for buying and 30 paisas for selling over the week closing at 164.30 and 164.60, respectively. Against euro, PKR remained unchanged for third consecutive week closing at 191 and 192.50 respectively.
Against UAE dirham, PKR recorded net loss of 30 paisas for buying and 25 paisas for selling closing at 44.70 and 44.85 respectively.
Against Saudi riyal, PKR overall lost 15 paisas for buying and 10 paisas for selling closing at 43.55 and 43.70, respectively.
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Weekly Interbank market rates for dollar
Bid Close Rs. 164.10
Offer Close Rs. 164.20
Bid Open Rs. 164.00
Offer Open Rs. 164.10
Weekly Open market rates for dollar
Bid Close Rs. 164.30
Offer Close Rs. 164.60
Bid Open Rs. 163.80
Offer Open Rs. 164.30
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Copyright Business Recorder, 2021