KARACHI: Rupee weakened marginally during the previous week as it depreciated Re0.03 or 0.01% against the US dollar.
The local unit closed at 277.64, against 277.61 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
During the previous week, Finance Minister Muhammad Aurangzeb said the government would explore tapping the international capital markets in due course. The remarks from Aurangzeb came during a meeting with a delegation of CitiBank led by Jay Collins, Vice Chair of Public Sector.
“During the meeting, Aurangzeb briefed the bank team about the reforms being undertaken in the areas of taxation, energy, state-owned enterprises (SEOs), pensions and right-sizing of the government and outlined the long-term road-to-market strategy,” the Finance Division said.
Pakistan’s current account posted a surplus of $119 million in September 2024 compared to a deficit of $218 million in the same month of the previous fiscal year, SBP data showed.
Moreover, foreign exchange reserves held by the SBP increased by $18 million on a weekly basis, clocking in at $11.04 billion as of October 18. Total liquid foreign reserves held by the country stood at $16.02 billion. Net foreign reserves held by commercial banks stood at $4.98 billion.
Open-market rates
In the open market, the PKR gained 85 paise for buying and 51 paise for selling against USD, closing at 276.75 and 278.62, respectively.
Against Euro, the PKR gained 1.10 rupee for buying and 1.19 rupee for selling, closing at 298.09 and 300.79, respectively.
Against UAE Dirham, the PKR remained unchanged for buying and gained 4 paise for selling, closing at 75.22 and 75.91, respectively.
Against Saudi Riyal, the PKR lost 4 paise for both buying and selling, closing at 73.46 and 74.10, 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. 277.61
Offer Open Rs. 277.81
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Weekly open-market rates for dollar
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Bid Close Rs. 276.75
Offer Close Rs. 278.62
Bid Open Rs. 277.60
Offer Open Rs. 279.13
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Copyright Business Recorder, 2024