KARACHI: The rupee declined against the US dollar as it depreciated by Re0.29 or 0.10% to close the week below 278 after over 10 weeks.
The local unit closed at 278.05, against 277.76 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
The last time the rupee had closed below 278 against the dollar was on September 18, 2024.
During the previous week, the SBP received $500 million from the Asian Development Bank (ADB) as proceeds of a loan for the Climate Change and Disaster Resilience Enhancement Programme (CDREP).
The proceeds would reflect in the central bank’s foreign exchange (FX) reserves for the week ending on November 29, 2024 (to be published on December 5, 2024).
FX reserves held by the SBP increased by $131 million on a weekly basis, clocking in at $11.42 billion as of November 22, data showed. Total liquid foreign reserves held by the country stood at $16.08 billion. Net foreign reserves held by commercial banks stood at $4.66 billion.
Meanwhile, Pakistan’s headline inflation is expected to stay within the 5.8-6.8% range in November and slow further to 5.6-6.5% by December, the Finance Division projected.
In its ‘Monthly Economic Update and Outlook’, the ministry said that fiscal consolidation and contained inflation would provide impetus to economic activities in the coming months.
“Inflation is expected to remain within the range of 5.8% - 6.8% in November, further receding to 5.6% - 6.5% by December 2024,” read the report.
Open-market rates
In the open market, the PKR lost 33 paise for buying and 30 paise for selling against USD, closing at 277.31 and 279.07, respectively.
Against Euro, the PKR lost 4.60 rupees for buying and 4.68 rupees for selling, closing at 291.47 and 294.30, respectively.
Against UAE Dirham, the PKR lost 1 paisa for buying and gained 1 paisa for selling, closing at 75.27 and 75.99, respectively.
Against Saudi Riyal, the PKR lost 1 paisa for buying and gained 2 paise for selling, closing at 73.53 and 74.18, 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. 278.05
Offer Close Rs. 278.25
Bid Open Rs. 277.76
Offer Open Rs. 277.96
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Weekly open-market rates for dollar
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Bid Close Rs. 277.31
Offer Close Rs. 279.07
Bid Open Rs. 276.98
Offer Open Rs. 278.77
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Copyright Business Recorder, 2024