KARACHI: The rupee extended its downtrend against the US dollar for another week as it depreciated 0.95% or Rs2.72 in the inter-bank market.
It was the fourth consecutive week that the local currency witnessed a fall, cumulatively down by 3.3% or Rs9.41 since October 13.
Earlier, the local currency maintained a positive close for 28 successive sessions - one of the longest appreciation runs as it cumulatively gained 10.93% since hitting a record low of 307.1 in the inter-bank market on September 5.
In a related development, Moody’s Investors Services (Moody’s), in its latest report, warned that with the lowest level of exports of 10.5% of GDP, Pakistan is the most vulnerable to a balance of payment (BOP) crises among South Asian sovereigns.
The ratings agency, in its latest report, ‘Sovereigns – South Asia, Low trade openness fuels vulnerability to shocks and curbs growth in the longer run’ stated that Pakistan and Sri Lanka are most vulnerable among the four sovereigns.
Meanwhile, Pakistan and the International Monetary Fund (IMF) are likely to initiate policy-level talks from November 13 (today) onwards.
Caretaker Finance Minister Dr Shamshad Akhtar earlier told the media that she is optimistic about the success of talks with the IMF on the first review.
In the open market, the PKR lost 3.00 rupees for both buying and selling against USD, closing at 285.00 and 288.00, respectively.
Against Euro, the PKR lost 5.00 rupees for both buying and selling, closing at 304.00 and 307.00, respectively.
Against UAE Dirham, the PKR lost 30 paisa for both buying and selling, closing at 79.80 and 80.50, respectively. Against Saudi Riyal, the PKR lost 20 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. 287.05
Offer Close Rs. 287.25
Bid Open Rs. 284.30
Offer Open Rs. 284.50
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Weekly open-market rates for dollar
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Bid Close Rs. 285.00
Offer Close Rs. 288.00
Bid Open Rs. 282.00
Offer Open Rs. 285.00
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Copyright Business Recorder, 2023