Less than modest increase

KARACHI: Rupee appreciated marginally against the US dollar during the previous week as it gained Re0.10 or 0.03% in the inter-bank market. The local unit closed at 280.16, against 280.26 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).

In a key development, the International Monetary Fund (IMF) staff reached a deal with Pakistan for a new $1.3 billion arrangement and also agreed on the first review of the ongoing 37-month bailout programme, the IMF said in a statement during the previous week. Pending IMF’s Executive Board approval, Islamabad can unlock the $1.3 billion under a new climate resilience loan programme spanning 28 months.

It will also free $1 billion for Pakistan under the $7 billion bailout programme, which would bring those disbursements to $2 billion.

Meanwhile, in an interview with China Global Television Network (CGTN), Finance Minister Muhammad Aurangzeb said Pakistan was preparing to issue its first-ever Panda Bond in the Chinese market this calendar year. “I have been advocating, and I am very keen, that Pakistan—taking advantage of the second-largest and deepest capital market in the world—goes for an inaugural Panda bond,” he said.

Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $540 million on a weekly basis, clocking in at $10.61 billion as of March 21, SBP data showed. Total liquid foreign reserves held by the country stood at $15.55 billion. Net foreign reserves held by commercial banks stood at $4.94 billion.

Open-market rates

In the open market, the PKR gained 21 paise for both buying and selling against USD, closing at 279.71 and 281.85, respectively.

Against Euro, the PKR gained 1.94 rupee for buying and 2.01 rupees for selling, closing at 300.86 and 303.88, respectively. Against UAE Dirham, the PKR gained 21 paise for buying and 25 paise for selling, closing at 75.99 and 76.55, respectively.

Against Saudi Riyal, the PKR gained 43 paise for buying and 37 paise for selling, closing at 74.24 and 74.89, respectively.

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THE RUPEE

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Weekly inter-bank market rates for dollar

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Bid Close Rs. 280.21

Offer Close Rs. 280.41

Bid Open Rs. 280.26

Offer Open Rs. 280.46

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Weekly open-market rates for dollar

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Bid Close Rs. 279.71

Offer Close Rs. 281.85

Bid Open Rs. 279.92

Offer Open Rs. 282.06

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