KARACHI: The rupee depreciated marginally during the previous week as it lost Re0.04 or 0.01% against the US dollar.
The local unit closed at 278.54, against 278.50 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 (EFF).
In a key development, Moody’s Ratings upgraded the government of Pakistan’s local and foreign currency issuer and senior unsecured debt ratings to Caa2 from Caa3. Moody’s also said it expects IMF approval for Pakistan’s $7-billion EFF in a few weeks.
Meanwhile, foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $112 million on a weekly basis, clocking in at $9.4 billion as of August 23. Total liquid foreign reserves held by the country stood at $14.77 billion. Net foreign reserves held by commercial banks stood at $5.37 billion.
Open-market rates
In the open market, the PKR gained 20 paise for buying and 25 paise for selling against USD, closing at 278.95 and 279.75, respectively.
Against Euro, the PKR gained 1.41 rupee for buying and 1.70 rupee for selling, closing at 307.76 and 309.04, respectively.
Against UAE Dirham, the PKR remained unchanged for buying and gained 6 paise for selling, closing at 75.79 and 76.16, respectively.
Against Saudi Riyal, the PKR lost 3 paise for buying and gained 6 paise for selling, closing at 74.05 and 74.36, 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. 278.54
Offer Close Rs. 278.74
Bid Open Rs. 278.50
Offer Open Rs. 278.70
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Weekly open-market rates for dollar
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Bid Close Rs. 278.95
Offer Close Rs. 279.75
Bid Open Rs. 279.15
Offer Open Rs. 280.00
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Copyright Business Recorder, 2024