KARACHI: Last week, PKR slid by more than a rupee against USD in both inter-bank and open markets with weekly difference almost reaching two rupees in open market.
It also went down by more than 2 rupees against Euro in the open market. Over the course of five days of trading, PKR fell for first three days with major losses experienced on Wednesday.
Even though it recovered some value in last two days of the week, it was not enough to overcome earlier falls. Analysts pointed out current account deficit due to rising imports and high commodity prices as primary factors behind this recent fall.
In global markets, USD generally remained low against other major currencies over the week as US FDA approved COVID-19 vaccines thus increasing expectations of accelerating US inoculation rate and as global fears regarding Delta variant slowing down global recovery subsided.
INTER-BANK MARKET RATES: In the inter-bank market, Pakistan Rupee overall lost 1.40 rupees for both buying and selling against USD over the week closing at 165.50 and 165.60 respectively.
OPEN MARKET RATES: In the open market, PKR overall lost 1.70 rupees for both buying and selling over the week closing at 166 and 166.30 respectively.
Against Euro, PKR slid by 2.50 rupees for buying and 2.20 rupees for selling over the week closing at 193.50 and 194.70 respectively.
Against UAE Dirham, PKR recorded net loss of 40 paisas for buying and 45 paisas for selling closing at 45.10 and 45.30 respectively.
Against Saudi Riyal, PKR overall lost 45 paisas for buying and 50 paisas for selling as well closing at 44 and 44.20 respectively.
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Weekly Interbank market rates for dollar
Bid Close Rs. 165.50
Offer Close Rs. 165.60
Bid Open Rs. 164.10
Offer Open Rs. 164.20
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Weekly Open market rates for dollar
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Bid Close Rs. 166.00
Offer Close Rs. 166.30
Bid Open Rs. 164.30
Offer Open Rs. 164.60
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Copyright Business Recorder, 2021