KARACHI: The rupee posted another positive week as it appreciated Re0.46 or 0.16% against the US dollar in the inter-bank market.
It was the tenth consecutive week the local currency gained against the greenback, a momentum on the back of 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), which led to the approval of the second tranche of the package.
During the previous week, the State Bank of Pakistan (SBP) announced that Pakistan had received a tranche of $705.6 million from the IMF. The United Arab Emirates (UAE) also rolled over its $2 billion deposits with Pakistan for another one year to support the country’s foreign exchange reserves, according to the central bank.
Foreign exchange reserves held by the SBP decreased by $127 million on a weekly basis, clocking in at $8.03 billion as of January 12. However, the dollar stockpile may increase in the next week as the IMF disbursement will reflect in the SBP reserves for the week ending on January 19.
Moreover, the country’s current account posted a surplus of $397 million in December, while foreign direct investment (FDI) surged by 35% in first half of FY24, as per the SBP data.
In the open market, the PKR gained 33.00 paisa for buying and 52.00 paisa for selling against USD, closing at 278.82 and 280.98, respectively.
Against Euro, the PKR gained 2.34 rupees for buying and 2.23 rupees for selling, closing at 303.25 and 306.17, respectively.
Against UAE Dirham, the PKR lost 19.00 paisa for buying and 21.00 paisa for selling, closing at 76.18 and 76.91, respectively.
Against Saudi Riyal, the PKR gained 15.00 paisa for buying and 15.00 paisa for selling, closing at 74.33 and 75.00, 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. 279.90
Offer Close Rs. 280.10
Bid Open Rs. 280.36
Offer Open Rs. 280.56
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Weekly open-market rates for dollar
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Bid Close Rs. 278.82
Offer Close Rs. 280.98
Bid Open Rs. 279.15
Offer Open Rs. 281.50
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Copyright Business Recorder, 2024