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KARACHI: Pakistan's rupee posted its second successive gain against the US dollar, appreciating to 170.53 in the inter-bank market on Friday.
As per the State Bank of Pakistan (SBP), the PKR closed at 170.53 against the USD, a day-on-day appreciation of 34 paisas or 0.20%. Since dropping to 170.96 against the greenback, the lowest level in its history, earlier this week, the PKR has gained 43 paisas.
The appreciation comes as the central bank continues to introduce measures to address the rupee decline.
Earlier this week, the SBP announced new rules to enhance transparency in the foreign currency transactions by exchange companies and to curb the undesirable outflow of cash foreign currency.
This follows recent measures taken by the State Bank to curb imports such as the imposition of 100% Cash Margin Requirements (CMR) on import of 114 items, taking the total number of items to 525. Furthermore, it also revised Prudential Regulations (PRS) for consumer financing to moderate demand growth in the economy.
“The government is proactively addressing issues on the external front through the imposition of regulatory measures,” BMA Capital Executive Director Saad Hashmey told Business Recorder.
Hashmey said that the latest inflows of Roshan Digital Accounts (RDA) would also improve market sentiment.
Cumulative inflow under the RDA has reached $2.411 billion in the thirteen months since its inception. As per the central bank data, an inflow of $297 million was recorded in September, over 21% higher month-on-month.
Meanwhile, news from the international front pertaining to prices of international commodities especially coal and gas has also brought some relief.
Open-market movement
In the open market, the PKR gained 30 paisas for both buying and selling against USD, closing at 170.70 and 171, respectively.
Against Euro, the PKR gained one rupee for buying and 50 paisas for selling, closing at 196.50 and 198.50, respectively.
Against UAE Dirham, the PKR lost 10 paisas for both buying and selling, closing at 47.60 and 47.90, respectively.
Against Saudi Riyal, the PKR remained unchanged for buying while gaining 10 paisas for selling, closing at 45.20 and 45.40, respectively.
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Open Bid Rs 170.70
Open Offer Rs 171.00
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
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Open Bid Rs 170.40
Open Offer Rs 170.50
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RUPEE IN LAHORE: The Pak rupee continued to keep going up for the third consecutive day versus major foreign currencies including the greenback and the British pound in the open currency market on Friday.
According to the local currency dealers, the national currency is continuously showing improvement in its worth after the State Bank of Pakistan (SBP) made it mandatory for the currency exchange dealers to ensure biometric verifications for all those who would buy $500 or above from open market from Oct 22.
As a result, the greenback commenced trading on a negative note and remained under selling pressure for another day in the market. It closed further lower for buying and selling at Rs 170.50 and Rs 171.70 against the overnight closing rate of Rs 171.00 and Rs 172.30, respectively, they added.
Likewise, the rupee also followed suit in relation to the pound sterling that was bought and sold at Rs 231.00 and Rs 232.80 against Thursday’s closing trend of Rs 231.00 and Rs 233.00, respectively, they said.
Copyright Business Recorder, 2021
