KARACHI: The rupee registered another positive week as it appreciated 0.25% or Re0.73 against the US dollar in the inter-bank market.
It was the sixth consecutive week that the rupee advanced against the dollar, a momentum aided by the announcement of a staff-level agreement (SLA) between Pakistan and the International Monetary Fund (IMF) on the first review of the $3 billion Stand-by Arrangement (SBA).
Since the announcement of the SLA on November 15, the local unit has gained Rs5.61 or 1.94% against the greenback.
In a related development during the previous week, data of the Economic Affairs Division (EAD) revealed that Pakistan borrowed $4.285 billion from multiple financing sources during the first five months (July-November) of the current fiscal year 2023-24, compared to $5.114 billion borrowed during the same period of 2022-23.
Meanwhile, foreign exchange reserves held by the State Bank of Pakistan (SBP) reserves fell below $7 billion after over five months. The reserves decreased by $136 million to $6.904 billion due to debt repayments during the week ended December 15, 2023.
According to official documents of the Finance Division read by Business Recorder, fresh austerity measures for the current fiscal year 2023-24 are under submission to the prime minister for approval to control current expenditure.
In the open market, the PKR gained 50 paisa for both buying and selling against USD, closing at 281.00 and 284.00, respectively.
Against Euro, the PKR gained 1.00 rupee for both buying and selling, closing at 307.00 and 310.00, respectively. Against UAE Dirham, the PKR gained 1.00 rupee for both buying and selling, closing at 76.50 and 77.20, respectively. Against Saudi Riyal, the PKR gained 50 paisa for both buying and selling, closing at 74.80 and 75.50, 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. 282.55
Offer Close Rs. 282.75
Bid Open Rs. 283.25
Offer Open Rs. 283.45
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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. 281.50
Offer Open Rs. 284.50
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Copyright Business Recorder, 2023