KARACHI: Last week, PKR saw fall of almost 0.85% in interbank and around 1% in open market thus crossing the 172 rupees mark in open market. Besides USD, PKR also fell by more than 2% against UAE Dirham during the week; crossing 48 rupees mark.
During five days of trading, PKR went up only during the last day while going down for the rest. During the week, SBP enacted several measures to control imports and balance of payments that are primary factors driving dollar demand up and thus depreciating the rupee that has seen almost 11% of its value lost against USD in five months. On Thursday, it decided to impose 100% cash margin requirement on import of 114 additional items. Earlier it had revised regulations for consumer financing reducing the auto financing facility tenure to five years from seven years. In addition, new and used imported vehicles will no longer be considered eligible for auto financing from Banks and DFIs.
INTER-BANK MARKET RATES: In the interbank market, Pakistan Rupee overall lost 1.45 rupees for both buying and selling against USD over the week closing at 170.45 and 170.55 respectively.
OPEN MARKET RATES: In the open market, PKR overall lost 1.80 rupees for buying and 1.60 rupees for selling over the week closing at 172 and 172.60 respectively.
Against Euro, PKR lost one rupee for both buying and selling over the week closing at 199 and 200.50 respectively. Against UAE Dirham, PKR recorded net loss of 1.10 rupees for both buying and selling closing at 47.90 and 48.20 respectively.
Against Saudi Riyal, PKR overall lost 45 paisas for both buying and selling closing at 45.70 and 45.90 respectively.
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Weekly Interbank market rates for dollar
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Bid Close Rs. 170.45
Offer Close Rs. 170.55
Bid Open Rs. 169.00
Offer Open Rs. 169.10
Weekly Open market rates for dollar
Bid Close Rs. 172.00
Offer Close Rs. 172.60
Bid Open Rs. 170.20
Offer Open Rs. 171.00
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Copyright Business Recorder, 2021