KARACHI: The rupee appreciated marginally during the previous week as it gained Re0.04 or 0.01% against the US dollar.
The local unit closed at 278.50, against 278.54 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 keep an eye on some positive indicators and approval from the International Monetary Fund’s (IMF) Executive Board over a new $7-billion Extended Fund Facility.
During the previous week, Pakistan Finance Minister Muhammad Aurangzeb said the Executive Board meeting on Pakistan would take place in September as “good progress” was being made with the IMF.
His statement came after it was reported that Pakistan’s name was not included in the board’s agenda for the month of August, raising concerns about the timeline for the disbursement of the loan.
Meanwhile, Pakistan’s current account posted a deficit of $162 million in July 2024, massive 78% lower than the deficit of $741 million in the same month of the previous fiscal year, revealed data released by the SBP.
Foreign exchange reserves held by the central bank increased by $19 million on a weekly basis, clocking in at $9.3 billion as of August 16. Total liquid foreign reserves held by the country stood at $14.67 billion. Net foreign reserves held by commercial banks stood at $5.37 billion.
In the open market, the PKR gained 25 paise for buying and 40 paise for selling against USD, closing at 279.15 and 280.00, respectively. Against Euro, the PKR lost 3.41 rupees for buying and 3.53 rupees for selling, closing at 309.17 and 310.74, respectively.
Against UAE Dirham, the PKR gained 8 paise for buying and 13 paise for selling, closing at 75.79 and 76.22, respectively.
Against Saudi Riyal, the PKR gained 6 paise for buying and 13 paise for selling, closing at 74.02 and 74.42, 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. 278.55
Offer Open Rs. 278.75
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Weekly open-market rates for dollar
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Bid Close Rs. 279.15
Offer Close Rs. 280.00
Bid Open Rs. 279.28
Offer Open Rs. 280.40
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Copyright Business Recorder, 2024