Open-market: rupee weakens marginally against US dollar
The Pakistani rupee weakened against the US dollar during trading in the open market on Friday. Currency dealers Business Recorder reached out to said the rupee was being quoted at 299 for selling and 296 for buying purposes for customers in the open market, weaker from Thursday’s levels. At close of trading on Thursday, the rupee had settled at 298 for selling and 295 for buying, according to data provided by the Exchange Companies Association of Pakistan (ECAP). The rates are still close to the rupee’s value in the inter-bank market, reducing the premium that is one of the structural benchmarks of the International Monetary Fund (IMF) programme. In the inter-bank market, the rupee was hovering 296 level against the US dollar. “If the crackdown continues, then we will see further improvement in the currency value,” said a dealer. “However, there is a need to restructure our policies.” Meanwhile, foreign exchange reserves held by the SBP decreased by another $140 million on a weekly basis, clocking in at $7.64 billion as of September 8.
Karobar
The Pakistani rupee weakened against the US dollar during trading in the open market on Friday.
Currency dealers Business Recorder reached out to said the rupee was being quoted at 299 for selling and 296 for buying purposes for customers in the open market, weaker from Thursday’s levels.
At close of trading on Thursday, the rupee had settled at 298 for selling and 295 for buying, according to data provided by the Exchange Companies Association of Pakistan (ECAP).
The rates are still close to the rupee’s value in the inter-bank market, reducing the premium that is one of the structural benchmarks of the International Monetary Fund (IMF) programme.
In the inter-bank market, the rupee was hovering 296 level against the US dollar.
“If the crackdown continues, then we will see further improvement in the currency value,” said a dealer. “However, there is a need to restructure our policies.”
Meanwhile, foreign exchange reserves held by the SBP decreased by another $140 million on a weekly basis, clocking in at $7.64 billion as of September 8.
