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KARACHI: Pakistan's rupee continued to weaken, depreciating another 0.28% to close near 174 against the US dollar in the inter-bank market on Thursday.
As per the State Bank of Pakistan (SBP), the PKR closed at 173.96 against the USD, a day-on-day depreciation of 49 paisas or 0.28%. On Wednesday, the PKR had dropped to the-then record low of 173.47.
The PKR has lost 12.46% of its value against the greenback since its recent high in May. It has depreciated by 9.44% during the ongoing fiscal year, and 8.12% during the calendar year.
The rapid depreciation within the space of a few months has raised concerns over inflation.
However, SBP Governor Dr Reza Baqir looked to point out the positive, saying that PKR depreciation benefits overseas Pakistanis, who provide Pakistan with billions of dollars as remittances.
While talking to media persons in Manchester, the ex-IMF official said any economic policy benefits one section over the other.
"Rising dollar rates benefit some people and harm others. Overseas Pakistanis benefit because their family members receive more remittances. We should not forget those who benefit,” the SBP chief official had said.
Open-market movement
In the open market, the PKR remained unchanged for buying while gaining 10 paisas for selling against USD, closing at 173.50 and 174.20, respectively.
Against Euro, the PKR lost 60 paisas for buying and 12 paisas for selling, closing at 200.60 and 202.12, respectively.
Against UAE Dirham, the PKR gained 60 paisas for buying and 65 paisas for selling, closing at 49.40 and 49.85, respectively.
Against Saudi Riyal, the PKR gained 20 paisas for buying and 15 paisas for selling, closing at 45.70 and 46.15, respectively.
Copyright Business Recorder, 2021
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Open Bid Rs 173.50
Open Offer Rs 174.20
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday.
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Open Bid Rs 173.80
Open Offer Rs 173.95
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RUPEE IN LAHORE: The Pak rupee maintained its downtrend for the second straight day versus major currencies including the greenback and the British pound in the open currency market on Thursday.
The short supply phenomenon of the greenback prevailed for another day in the market which once again helped its appreciation, at all-time high, for buying and selling at Rs 174.30 and Rs 175.50 against the overnight closing rate of Rs 173.70 and Rs 174.80, respectively, local currency dealers said.
Versus the pound sterling, the rupee continued steep fall and closed at the record low for buying and selling at Rs 238.00 and Rs 239.50 against Wednesday’s closing trend of Rs 237.00 and Rs 238.60, respectively, they added.
Copyright Business Recorder, 2021
