KARACHI: The rupee remained largely stable in the inter-bank market, depreciating 0.08% to settle at 287.19 against the US dollar on Friday.
In the open market, the rupee registered a bigger gain as the spread with the inter-bank rates narrowed to under Rs10 by the end of the week.
Pakistan reported to have received $1 billion from China on Friday, after having repaid the amount earlier, amid looming concerns over the country’s debt obligations.
There was considerable activity on the International Monetary Fund (IMF) front, as the lender first stated it was dissatisfied with the budget proposals announced by Finance Minister Ishaq Dar. It was followed by a tit-for-tat response by the Finance Division that looked to justify its measures. However, it also categorically stated that it is looking to reach an amicable solution and complete “at least the ninth review”.
The currency market may still remain under pressure as Pakistan continues to repay its external debt with foreign currency reserves with the State Bank hovering around the $4-billion mark. A revival of the IMF programme may lend some support but will still fall short of Pakistan’s bulging requirements.
Open-market rates
In the open market, the PKR gained 8 rupees for both buying and selling against USD, closing at 294.00 and 297.00, respectively.
Against Euro, the PKR gained 2 rupees for both buying and selling, closing at 317.00 and 320.00 respectively.
Against UAE Dirham, the PKR gained 2.10 rupees for both buying and selling, closing at 80.90 and 81.70, respectively.
Against Saudi Riyal, the PKR gained 2.50 rupees for buying and 2.55 rupees for selling, closing at 77.50 and 78.25, 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. 287.00
Offer Close Rs. 287.20
Bid Open Rs. 286.80
Offer Open Rs. 286.95
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Weekly open-market rates for dollar
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Bid Close Rs. 294.00
Offer Close Rs. 297.00
Bid Open Rs. 302.00
Offer Open Rs. 305.00
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Copyright Business Recorder, 2023