KARACHI: Helped by recovery on the final two days, the rupee depreciated a marginal 0.09% against the US dollar during the previous week.
News of a $2-billion inflow from Saudi Arabia and another $1 billion from the UAE helped market sentiment as the rupee settled at 284.4 in the inter-bank market.
Three successive falls were followed by two days of recovery, but news on Saturday that a staff-level agreement with the International Monetary Fund (IMF) was still a bit further away despite the financing assurances is likely to take a toll on market sentiment as the new week commences.
On Saturday, the IMF said it is looking forward to obtaining the necessary financing assurances as soon as possible to pave the way for the successful completion of the 9th Extended Fund Facility (EFF) review, a statement that came after news of the $3-billion inflow from Saudi Arabia and the UAE.
The staff-level agreement for the ninth review, which has been stalled since November last year, is seen as a key element behind providing stability to the currency market that has seen the rupee undergo volatile rides in recent months.
Open-market rates
In the open market, the PKR gained 1.50 rupee for both buying and selling against USD, closing at 287 and 290, respectively.
Against Euro, the PKR lost 3 rupees for buying and 2 rupees for selling, closing at 314 and 317 respectively.
Against UAE Dirham, the PKR gained 45 paisa for buying and 50 paisa for selling, closing at 78.30 and 79.00, respectively. Against Saudi Riyal, the PKR gained 30 paisa for both buying and selling, closing at 76.00 and 76.70, 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. 284.40
Offer Close Rs. 287.00
Bid Open Rs. 284.50
Offer Open Rs. 286.50
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Weekly open-market rates for dollar
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Bid Close Rs. 287.00
Offer Close Rs. 290.00
Bid Open Rs. 288.50
Offer Open Rs. 291.50
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Copyright Business Recorder, 2023