KARACHI: Rupee decreased marginally against the US dollar during the previous week as it lost Re0.11 or 0.04% in the inter-bank market.
The local unit closed at 278.12, against 278.01 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
In a key development, inflow of overseas workers’ remittances into Pakistan stood at $2.92 billion in November 2024, 4.5% lower when compared to $3.05 billion in October 2024, showed data released by the SBP. On year-on-year basis, remittances increased by 29.1% against $2.26 billion in the same month of the previous year.
A total of $770 million was approved by the the Asian Development Bank (ADB) and the World Bank (WB) for different projects in Pakistan.
The ADB approved an additional $330 million in financing to strengthen Pakistan’s federally administered social protection programmes under the ongoing Integrated Social Protection Development Program (ISPDP). The Manila-based lender also approved a $200 million loan to modernise Pakistan’s power distribution infrastructure and improve distribution companies’ ability to deliver reliable electricity.
Meanwhile, the World Bank approved $240 million in financing for the Second Karachi Water and Sewerage Services Improvement Project (KWSSIP-2).
Foreign exchange reserves held by the SBP increased by $13 million on a weekly basis, clocking in at $12.05 billion as of December 6. Total liquid foreign reserves held by the country stood at $16.60 billion. Net foreign reserves held by commercial banks stood at $4.55 billion.
Open-market rates
In the open market, the PKR lost 3 paise for buying and 9 paise for selling against USD, closing at 277.28 and 279.07, respectively.
Against Euro, the PKR gained 2.57 rupees for buying and 2.49 rupees for selling, closing at 289.40 and 291.66, respectively.
Against UAE Dirham, the PKR lost 2 paise for buying and remained unchanged for selling, closing at 75.45 and 76.00, respectively.
Against Saudi Riyal, the PKR lost 6 paise for buying and 5 paise for selling, closing at 73.74 and 74.25, respectively.
=========================================**THE RUPEE**=========================================**Weekly inter-bank market rates for dollar**=========================================Bid Close Rs. 278.12Offer Close Rs. 278.32Bid Open Rs. 278.01Offer Open Rs. 278.21=========================================**Weekly open-market rates for dollar**=========================================Bid Close Rs. 277.28Offer Close Rs. 279.07Bid Open Rs. 277.25Offer Open Rs. 278.98=========================================Copyright Business Recorder, 2024