KARACHI:
For the fifth consecutive working day, the Pakistani rupee fell against the US dollar in the interbank market, this time by 0.58%, or Rs1.66 to a one-month low of Rs286.81.
According to data from the central bank, the value of the currency has decreased by 3.60, or Rs10.34, over the course of the previous five days.
The open market rate of Rs291/$ is a depreciation of 0.5%, or Rs1.50, from the previous day’s rate of Rs289.50/$. As a result, the difference between the interbank and open market exchange rates has narrowed to within the International Monetary Fund-directed range of 1.25%, or roughly Rs4.
The SBP adds new funds.
The SBP injected Rs1.19 trillion through open market operations over a significantly longer period of 77 days to alleviate the banks’ liquidity crisis. These deposits were made at commercial banks earning 22.15% interest and Shariah-compliant banks earning 22.37% interest.
Gold sparkles.
On Friday, the Pakistani gold pricing committee announced a hike of Rs1,800 per tola (11.66 grammes) to Rs222,900, primarily due to the weakening of the rupee. The local price was increased despite a decline of $12 per ounce (31.10 grammes) on the international market to $1,966.
