RECORDER REPORT
KARACHI: The inflow of funds from the International Monetary Fund (IMF) helped add to the gains of the Pakistani rupee for the third successive session, as the local currency appreciated 0.07% against the US dollar in the inter-bank market on Thursday.
As per the State Bank of Pakistan (SBP), the rupee closed at 218.60 after appreciating Re0.15 against the greenback. During intra-day trading, the rupee had appreciated to as high as 217.25.
On Wednesday, the rupee had closed at 218.75 after appreciating Rs1.37 or 0.63% against the US dollar, following revival of the much-awaited IMF programme.
On Wednesday night, the State Bank of Pakistan (SBP) said it had received inflows amounting to $1.16 billion from the IMF as loan tranche of the Extended Fund Facility (EFF).
The Executive Board of the IMF, on Monday, completed the combined seventh and eighth reviews of the Extended Arrangement under the EFF for Pakistan and allowed an immediate disbursement of SDR 894 million (some $1.16 billion).
Accordingly, the loan tranche was released on Wednesday night. With the arrival of these inflows the total disbursements under the EFF programme rose to nearly $4 billion.
This would help improve SBP’s foreign exchange reserves and will also facilitate realisation of other planned inflows from multilateral and bilateral sources, the central bank had said.
Globally, the dollar index, which measures the greenback against a basket of six currencies, was last down 0.1% at 108.66, after earlier coming within a whisker of Monday's two-decade peak of 109.48.
Meanwhile, oil price, a key determinant of currency parity, fell on Thursday, led lower by increased supply and worries that the global economy could slow further with renewed restrictions to curb Covid-19 in China.
Open-market movement
In the open market, the PKR lost 3 rupees for both buying and selling against USD, closing at 220 and 222, respectively.
Against Euro, the PKR lost 3 rupees for both buying and selling, closing at 218 and 220 respectively.
Against UAE Dirham, the PKR lost one rupee for both buying and selling, closing at 60 and 60.50, respectively.
Against Saudi Riyal, the PKR lost 50 paisas for both buying and selling, closing at 58 and 58.50, respectively.
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Open Bid Rs 220.00
Open Offer Rs 222.00
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Thursday
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Open Bid Rs 218.50
Open Offer Rs 219.50
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RUPEE IN LAHORE: The Pak rupee snapped its gaining streak and depreciated its worth against the greenback and the British pound in the open currency market on Thursday.
According to the local currency dealers, the short supply phenomenon of the greenback continued to prevail throughout the trading session which helped its appreciation for buying and selling at Rs 217.00 and Rs 219.00 against the overnight close of Rs 216.00 and Rs 218.00, respectively.
Similarly, the national currency also followed suit in relation to the pound sterling that was bought and sold at Rs 253.00 and Rs 255.00 against Wednesday’s close of Rs 252.00 and Rs 254.00, respectively, they added.
Copyright Business Recorder, 2022
