KARACHI: The rupee decreased marginally during the previous week as it lost Re0.16 or 0.06% against the US dollar. The local unit closed at 278.50, against 278.34 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
In recent months, the domestic currency has largely been around 277-279 against the dollar as traders have an eye on some strong positive indicators.
In a key development, the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) reduced the key policy rate by 100 basis points, taking it to 19.5%, its second successive decision of a cut.
Pakistan’s headline inflation clocked in at 11.1% on a year-on-year basis in July 2024, lower than the reading in June 2024 when it stood at 12.6%. This is the lowest CPI figure since November 2021 when it stood at 11.5%, shows data available with the Pakistan Bureau of Statistics (PBS).
Inflows through the Roshan Digital Account (RDA) clocked in at $200 million in June, a decline of 11% compared to $224 million in May 2024, the SBP said. Out of the total amount, $14 million has so far been repatriated, while funds to the tune of $142 million have been utilised locally. The net repatriable liability stands at $42 million.
Meanwhile, foreign exchange reserves held by the SBP increased by $75 million on a weekly basis, clocking in at $9.10 billion as of July 26, data showed. Total liquid foreign reserves held by the country stood at $14.39 billion. Net foreign reserves held by commercial banks stood at $5.29 billion.
Open-market rates
In the open market, the PKR lost 71 paise for buying and 59 paise for selling against USD, closing at 279.21 and 280.41, respectively. Against Euro, the PKR gained 56 paise for buying and 1.56 rupee for selling, closing at 300.24 and 302.24, respectively.
Against UAE Dirham, the PKR lost 20 paise for buying and gained 4 paise for selling, closing at 75.85 and 76.36, respectively.
Against Saudi Riyal, the PKR lost 21.00 paisa for buying and gained 4 paise for selling, closing at 74.11 and 74.57, 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. 278.50
Offer Close Rs. 278.70
Bid Open Rs. 278.34
Offer Open Rs. 278.54
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Weekly open-market rates for dollar
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Bid Close Rs. 279.21
Offer Close Rs. 280.41
Bid Open Rs. 278.50
Offer Open Rs. 279.82
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Copyright Business Recorder, 2024