KARACHI: The rupee settled at 283.84 against the US dollar after depreciating marginally by 0.13% in the inter-bank market after a three-session week.
Opening after Eid holidays, the rupee remained largely stable as a current account surplus and lack of progress on the International Monetary Fund (IMF) kept the currency hanging.
On the other hand, the United States called on Pakistan to move ahead on stalled reforms sought by the IMF, promising technical help and encouraging the country to enact policies that promote an open and fair and transparent business climate.
The market will also continue to follow developments closely with the government and Pakistan Tehreek-e-Insaf (PTI) leaders set to continue talks on holding elections in the country. Progress on talks is likely to give the market clarity.
Open-market rates
In the open market, the PKR gained 2 rupees for both buying and selling against USD, closing at 287 and 290, respectively.
Against Euro, the PKR lost 2 rupees for both buying and selling, closing at 314 and 317 respectively.
Against UAE Dirham, the PKR remained unchanged for buying and gained 5 paisa for selling, closing at 78.50 and 79.20, respectively.
Against Saudi Riyal, the PKR lost 15 paisa for both buying and selling, closing at 75.90 and 76.60, 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. 283.85
Offer Close Rs. 286.00
Bid Open Rs. 283.45
Offer Open Rs. 285.50
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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. 289.00
Offer Open Rs. 292.00
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Copyright Business Recorder, 2023