KARACHI: The rupee settled with a marginal appreciation of 0.11% against the US dollar during the previous week, as euphoria over the International Monetary Fund (IMF) programme faded and made way for economic fundamentals.

The local currency ended at 277.59 in the inter-bank market on Friday, but not after it had started the week with a decline followed by three successive rounds of appreciation. It ended with a loss against the US dollar on the last day of the week, as the market incorporated the additional inflows reported during the week.

Finance Minister Ishaq Dar said Pakistan received a cumulative inflow of around $4.2 billion, including the first tranche of the new SBA with the IMF.

Dar also confirmed deposits of $2 billion from Saudi Arabia and another $1 billion from the UAE. The inflows almost double reserves held with the central bank, which were reported to be at $4.52 billion as of July 7. The inflows will be reflected in the next week’s reserves data.

Open-market rates

In the open market, the PKR lost 2.00 rupees for both buying and selling, against USD, closing at 281.00 and 284.00, respectively.

Against Euro, the PKR lost 8.00 rupees for both buying and selling, closing at 311.00 and 314.00 respectively.

Against UAE Dirham, the PKR lost 50 paisa for both buying and selling, closing at 76.80 and 77.50, respectively.

Against Saudi Riyal, the PKR lost 70 paisa for buying and 80 paisa for selling, closing at 73.70 and 74.50, respectively.

THE RUPEE

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Weekly Interbank market rates for dollar

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Bid Close Rs. 277.40

Offer Close Rs. 277.70

Bid Open Rs. 276.30

Offer Open Rs. 276.50

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Weekly Open market rates for dollar

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Bid Close Rs. 281.00

Offer Close Rs. 284.00

Bid Open Rs. 279.00

Offer Open Rs. 282.00

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Copyright Business Recorder, 2023