KARACHI: The rupee made further improvement during the previous week as it gained Re0.12 or 0.04% against the US dollar.
The local unit closed at 277.52, against 277.64 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
The currency market is now seen as being stable after the Executive Board’s approval of the fresh bailout programme with the International Monetary Fund (IMF), and the subsequent receipt of the first tranche.
Foreign exchange reserves held by the SBP significantly increased by $1.168 billion million on a weekly basis, clocking in at $10.702 billion as of September 27 to reach 2.5-year high. Total liquid foreign reserves held by the country stood at $15.983 billion. Net foreign reserves held by commercial banks stood at $5.281 billion.
Meanwhile, Pakistan’s trade deficit widened marginally to $5.4 billion during the first three months of fiscal year 2024-25 (3MFY25), data released by the Pakistan Bureau of Statistics (PBS).
The headline inflation clocked in at 6.9% on a year-on-year basis in September 2024, lower than the reading in August 2024 when it stood at 9.6%.
Open-market rates
In the open market, the PKR gained 1 paisa for buying and 31 paise for selling against USD, closing at 278.25 and 279.84, respectively.
Against Euro, the PKR gained 3.82 rupees for buying and 3.89 rupees for selling, closing at 304.38 and 307.22, respectively.
Against UAE Dirham, the PKR remained unchanged for both buying and selling, closing at 75.36 and 76.08, respectively.
Against Saudi Riyal, the PKR lost 1 paisa for buying and remained unchanged for selling, closing at 73.62 and 74.28, 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. 277.52
Offer Close Rs. 277.72
Bid Open Rs. 277.64
Offer Open Rs. 277.84
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Weekly open-market rates for dollar
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Bid Close Rs. 278.25
Offer Close Rs. 279.84
Bid Open Rs. 278.26
Offer Open Rs. 280.15
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Copyright Business Recorder, 2024