KARACHI: The rupee improved marginally during the previous week as it gained Re0.41 or 0.15% against the US dollar.
The local unit closed at 278.16, against 278.57 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
In a key development, the International Monetary Fund (IMF) Executive Board is scheduled to take Pakistan’s 37-month Extended Fund Facility (EFF) of about $7 billion on agenda on September 25.
This was confirmed by Julie Kozack, Director of the Communications Department at IMF, while addressing a press briefing during the previous week. “We are very happy that we can say now that the board meeting is scheduled for September 25”, she said, adding that Pakistan had obtained the required financing assurances from development partners.
Later, the IMF’s website also added Pakistan on the agenda of its Executive Board calendar meetings scheduled on September 25.
Moreover, the Monetary Policy Committee (MPC) of the SBP unleashed its most aggressive cut in the key policy rate since April 2020, reducing it by 200 basis points (bps) to bring it down to 17.5% amid slowing inflation and declining international oil prices.
Meanwhile, foreign exchange reserves held by the SBP increased by $30 million on a weekly basis, clocking in at $9.47 billion as of September 6. Total liquid foreign reserves held by the country stood at $14.8 billion. Net foreign reserves held by commercial banks stood at $5.33 billion.
Open-market rates
In the open market, the PKR lost 44 paise for buying and gained 19 paise for selling against USD, closing at 279.54 and 280.75, respectively.
Against Euro, the PKR gained 1.24 rupee for buying and 1.34 rupee for selling, closing at 307.99 and 311.00, respectively.
Against UAE Dirham, the PKR gained 13 paise for buying and 14 paise for selling, closing at 75.62 and 76.35, respectively.
Against Saudi Riyal, the PKR gained 9 paise for buying and 10 paise for selling, closing at 73.91 and 74.62, 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. 278.16
Offer Close Rs. 278.36
Bid Open Rs. 278.57
Offer Open Rs. 278.77
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Weekly open-market rates for dollar
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Bid Close Rs. 279.54
Offer Close Rs. 280.75
Bid Open Rs. 279.10
Offer Open Rs. 280.94
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Copyright Business Recorder, 2024