KARACHI: The rupee registered a slight decline against the US dollar as it closed the week lower by Re0.08 or 0.2%. The local unit ended at 278.39, against 278.31 it had closed the week earlier against the greenback.
The rupee started the week with a minor loss but remained largely stable in the next two sessions, followed by a marginal loss in the fourth session. The Friday’s session was positive for the local currency as it gained Re0.09 that day. Overall, the week remained a negative one for the local currency against the greenback.
In a key development, the International Monetary Fund (IMF) said that its Executive Board would meet on April 29 (today) to discuss the approval of $1.1-billion funding for Pakistan.
The inflow from the IMF will give some support to foreign exchange reserves held by the State Bank of Pakistan (SBP), which fell below $8 billion as of April 19 due to external debt repayments.
Meanwhile, Pakistan’s current account posted a surplus of $619 million in March 2024, a massive jump compared to the revised surplus of $98 million in the previous month, SBP data showed.
However, inflows of foreign direct investment in the country declined by 10% during the first nine months of the current fiscal year, according to the central bank.
The SBP also revealed that gross inflows under the Roshan Digital Account rose to $7.66 billion by end of March 2024 since its launching in September 2020.
At the same time, the Economic Affairs Division data showed that the country borrowed $6.899 billion from multiple financing sources during the first nine months (July-March) of the current fiscal year 2023-24, compared to $7.764 billion borrowed during the same period of 2022-23. In the open market, the PKR gained 6 paisa for buying and lost 1 paisa for selling against USD, closing at 277.05 and 279.69, respectively.
Against Euro, the PKR lost 2.02 rupees for buying and 1.88 rupee for selling, closing at 294.76 and 297.48, respectively.
Against UAE Dirham, the PKR gained 10 paisa for buying and 9 paisa for selling, closing at 75.01 and 75.72, respectively.
Against Saudi Riyal, the PKR lost 7 paisa for buying and 6 paisa for selling, closing at 73.28 and 73.95, 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. 278.39
Offer Close Rs. 278.59
Bid Open Rs. 278.31
Offer Open Rs. 278.51
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Weekly open-market rates for dollar
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Bid Close Rs. 277.05
Offer Close Rs. 279.69
Bid Open Rs. 277.11
Offer Open Rs. 279.68
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Copyright Business Recorder, 2024