KARACHI: The rupee registered a marginal decline during the previous week as it depreciated by Re0.09 or 0.03% against the US dollar.
The local unit closed at 277.76, against 277.67 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
In a key development, Pakistan’s current account posted a surplus of $349 million in October 2024 compared to a deficit of $287 million in the same month of the previous year, showed data released by the SBP last week.
The Real Effective Exchange Rate (REER), a measure of the value of a currency against a weighted average of several foreign currencies, witnessed an increase as it clocked in at 100.86 in October 2024, up from 98.64 (revised) in September 2024, the central bank stated.
Meanwhile, net foreign direct investment (FDI) in Pakistan grew 32.3% during the first four months of the ongoing fiscal year (FY25), clocking in at $904.3 million, the SBP said. During July-October FY25, the FDI inflows were $1,242.5 million against an outflow of $338.2 million.
Foreign exchange reserves held by the SBP increased by $29 million on a weekly basis, clocking in at $11.29 billion as of November 15. Total liquid foreign reserves held by the country stood at $15.97 billion. Net foreign reserves held by commercial banks stood at $4.68 billion, the central bank data showed.
Open-market rates
In the open market, the PKR lost 9 paise for buying and 12 paise for selling against USD, closing at 276.98 and 278.77, respectively. Against Euro, the PKR gained 4.23 rupees for buying and 4.18 rupees for selling, closing at 286.87 and 289.62, respectively.
Against UAE Dirham, the PKR gained 1 paisa for buying and lost 3.00 paise for selling, closing at 75.26 and 76.00, respectively.
Against Saudi Riyal, the PKR remained unchanged for buying and lost 4 paise for selling, closing at 73.52 and 74.20, 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. 277.76
Offer Close Rs. 277.96
Bid Open Rs. 277.67
Offer Open Rs. 277.87
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Weekly open-market rates for dollar
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Bid Close Rs. 276.98
Offer Close Rs. 278.77
Bid Open Rs. 276.89
Offer Open Rs. 278.65
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Copyright Business Recorder, 2024