KARACHI: The rupee endured a tough week, losing value in all 5 sessions to hit record lows, and ending with a cumulative fall of 1.14% against the US dollar as the market came to terms with an uncertain political environment and expectations of a high import bill.
On Saturday, however, it was reported that Pakistan’s current account deficit for February 2022 has shrunk over 78%, raising hope that pressure on the currency would reduce in the coming days. But rising political noise over the no-confidence motion against Prime Minister Imran Khan may keep sentiment under check this week as well.
During the previous week, the rupee hit record lows every other day, falling during the entire week to eventually end over the 180 level against the dollar. Oil prices, which have retreated in recent days, have put pressure on net oil-importing countries such as Pakistan.
Open-market movement
In the open market, the PKR lost 1.90 rupees for both buying and selling against USD, closing at 180.70 and 181.70, respectively.
Against Euro, the PKR lost 3 rupees for buying and 2.50 rupees for selling, closing at 198.50 and 200, respectively.
Against UAE Dirham, the PKR lost 18 paisas for buying and 10 paisas for selling, closing at 49.10 and 49.50, respectively. Against Saudi Riyal, the PKR lost 50 paisas for buying and 45 paisas for selling, closing at 47.60 and 48, respectively.
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THE RUPEE
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Weekly Interbank market rates for dollar
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Bid Close Rs. 180.55
Offer Close Rs. 180.65
Bid Open Rs. 178.65
Offer Open Rs. 178.75
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Weekly Open market rates for dollar
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Bid Close Rs. 180.70
Offer Close Rs. 181.70
Bid Open Rs. 178.80
Offer Open Rs. 179.80
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Copyright Business Recorder, 2022