RECORDER REPORT
KARACHI: Pakistan's rupee remained stable in the inter-bank market on Monday, closing at 176.68 against the US dollar.
As per the State Bank of Pakistan (SBP), the rupee closed at 176.68 after a day-on-day depreciation of one paisa or 0.01%, compared to Friday when the currency appreciated 0.14%.
Last month, the PKR had closed at its all-time record low of 178.24 against the US dollar before appreciating the following two days to end the year at 176.51.
On Monday, Pakistan' finance ministry confirmed that the International Monetary Fund (IMF) has agreed to its request to reschedule the sixth review of the $6-billion Extended Fund Facility (EFF), after earlier stating that it would be held on January 12.
Completion of the review would make available SDR 750 million (about $1,059 million), bringing total disbursements under the EFF to about $3,027 million.
The development is likely to bring stability to Pakistan's currency market.
Internationally, US dollar started the week with support as traders bet US inflation data and appearances from several Federal Reserve officials would bolster the case for higher interest rates.
After dipping on Friday, the greenback rose 0.2% on the euro in the Asia session, climbing back above its 200-day moving average to $1.1338. It firmed 0.2% on the yen to 115.79, close to last week's five-year high of 116.35.
Open-market movement
In the open market, the PKR remained unchanged for both buying and selling against USD, closing at 178.50 and 179.50, respectively.
Against Euro, the PKR lost 30 paisas for buying and 50 paisas for selling, closing at 200 and 202, respectively.
Against UAE Dirham, the PKR gained 30 paisas for buying and 20 paisas for selling, closing at 49.20 and 49.70, respectively.
Against Saudi Riyal, the PKR lost 20 paisas for both buying and selling, closing at 47.10 and 47.50, respectively.
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Open Bid Rs 178.50
Open Offer Rs 179.50
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday.
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Open Bid Rs 176.65
Open Offer Rs 176.75
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RUPEE IN LAHORE: The Pak rupee stayed unchanged on the buying side while it appreciated its worth on the selling side in relation to the greenback in the open currency market on Monday.
According to the local currency dealers, the greenback did not witness any change for buying as it firmly closed at its previous closing rate of Rs 179.00 whereas it lost 20 paisas for selling and closed at Rs 180.00 against Friday’s closing rate of Rs 180.20.
Moreover, the national currency depreciated its worth in the process of trading against the pound sterling. Consequently, the pound’s buying and selling rates rose from its earlier closing of Rs 238.40 and Rs 240.00 to Rs 239.00 and Rs 234.50, respectively, they added.
Copyright Business Recorder, 2022
