KARACHI: The rupee saw marginal improvement in the previous week as it appreciated 0.14% or Re0.40 against the US dollar in the inter-bank market.
It was the third consecutive week that the rupee appreciated against the dollar, a momentum aided by the announcement of a staff-level agreement (SLA) between Pakistan and the International Monetary Fund (IMF) on first review of the $3 billion Stand-by Arrangement (SBA).
In a key development during the week, the Kingdom of Saudi Arabia (KSA) extended the term for a $3 billion deposit (maturing on December 5, 2023) placed with Pakistan for another one year to support Pakistan’s economy, the State Bank of Pakistan (SBP) said.
Meanwhile, total liquid foreign exchange reserves held by the SBP increased by $77 million to $7.257 billion during the week ended November 24, 2023.
Internationally, the US dollar was on the backfoot on Friday, while the euro nursed steep losses as traders weighed data that showed inflation was easing, stoking expectations that interest rates had peaked and central banks would soon start cutting rates.
In the open market, the PKR gained 50 paisa for both buying and selling against USD, closing at 283.00 and 286.00, respectively.
Against Euro, the PKR gained 1.00 rupee for both buying and selling, closing at 308.00 and 311.00, respectively.
Against UAE Dirham, the PKR remained unchanged for both buying and selling, closing at 77.50 and 78.20, respectively.
Against Saudi Riyal, the PKR gained 20 paisa for buying and 10 paisa for 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. 284.95
Offer Close Rs. 285.15
Bid Open Rs. 285.35
Offer Open Rs. 285.55
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Weekly inter-bank market rates for dollar
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Bid Close Rs. 283.00
Offer Close Rs. 286.00
Bid Open Rs. 283.50
Offer Open Rs. 286.50
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Copyright Business Recorder, 2023