KARACHI: The rupee posted a marginal appreciation of 0.08% against the US dollar during the previous week, struggling to find direction as news flow of a current account surplus against a pending bailout programme with the International Monetary Fund (IMF) kept the currency in check.
On Friday, the rupee closed at 283.59 in the inter-bank market.
In a key development, the IMF reiterated that it is working with Pakistani authorities to bring the pending ninth review to conclusion “once the necessary financing is in place and the agreement is finalised”.
Last week, the US Federal Reserve raised interest rates by a quarter of a percentage point and signaled it may pause further increases.
More importantly, the US dollar fell as traders priced in more aggressive rate cuts from the Federal Reserve. A deepening crisis across US regional banks has kept investors on tenterhooks, with pressure growing on regulators to take more steps to shore up the sector.
Open-market rates
In the open market, the PKR gained 3 rupees for both buying and selling against USD, closing at 284 and 287, respectively.
Against Euro, the PKR gained 1 rupee for both buying and selling, closing at 313 and 316 respectively.
Against UAE Dirham, the PKR gained 1 rupee for both buying and selling, closing at 77.50 and 78.20, respectively.
Against Saudi Riyal, the PKR gained 40 paisa for buying and selling, closing at 75.50 and 76.20, 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. 283.60
Offer Close Rs. 285.60
Bid Open Rs. 283.85
Offer Open Rs. 286.00
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Weekly open-market rates for dollar
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Bid Close Rs. 284.00
Offer Close Rs. 287.00
Bid Open Rs. 287.00
Offer Open Rs. 290.00
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Copyright Business Recorder, 2023