KARACHI: Rupee weakened marginally during the previous week as it depreciated Re0.12 or 0.04% against the US dollar.
The local unit closed at 277.64, against 277.52 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
During the previous week, the International Monetary Fund (IMF) said in its staff report that Pakistan’s capacity to repay the Washington-based lender was subject to significant risks, adding that the country remained critically dependent on policy implementation and timely external financing.
The World Bank (WB) published a report titled ‘Pakistan Development Update: The Dynamics of Power Sector Distribution Reforms’ in which the WB said economic activities in Pakistan were expected to continue recovering with real GDP growth estimated at 2.8% in FY25, an increase from the previous estimate of 2.3%.
On visit of a high-level delegation from Saudi Arabia to Pakistan, Islamabad and Riyadh signed 27 memorandum of understandings (MoUs) valuing $2.2 billion in various sectors including industry, agriculture, information technology (IT), food, education, mine & minerals, health, petroleum, energy, and other areas of mutual cooperation.
Meanwhile, foreign exchange reserves held by the SBP increased by $106 million on a weekly basis, clocking in at $10.81 billion as of October 4. Total liquid foreign reserves held by the country stood at $16.05 billion. Net foreign reserves held by commercial banks stood at $5.24 billion.
Open-market rates
In the open market, the PKR gained 10 paise for buying and 25 paise for selling against USD, closing at 278.15 and 279.59, respectively.
Against Euro, the PKR gained 2.65 rupees for buying and 2.55 rupees for selling, closing at 301.93 and 304.67, respectively.
Against UAE Dirham, the PKR gained 4 paise for buying and 7 paise for selling, closing at 75.32 and 76.01, respectively.
Against Saudi Riyal, the PKR gained 10 paise for buying and 11 paise for selling, closing at 73.52 and 74.17, 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. 277.64
Offer Close Rs. 277.84
Bid Open Rs. 277.52
Offer Open Rs. 277.72
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Weekly open-market rates for dollar
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Bid Close Rs. 278.15
Offer Close Rs. 279.59
Bid Open Rs. 278.25
Offer Open Rs. 280.84
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Copyright Business Recorder, 2024