The Pakistani rupee remained relatively stable against the US dollar in the inter-bank market over the previous week. The local currency closed at Rs. 278.58 compared to Rs. 278.56 from the week prior, according to data released by the State Bank of Pakistan (SBP).
During the week, a significant development occurred as Prime Minister Shehbaz Sharif announced that the United Arab Emirates (UAE) had agreed to roll over $2 billion in loans that were due this month.
SBP data revealed that overseas workers’ remittances for December 2024 amounted to $3.08 billion, marking a 6% increase from November’s $2.92 billion. On a year-over-year basis, remittances surged by 29.3%, rising from $2.38 billion in December 2023. Inflows through the Roshan Digital Account (RDA) also saw an uptick, reaching $203 million in December, a 9% increase compared to $186 million in November.
Foreign exchange reserves held by the SBP saw a weekly dip of $15 million, settling at $11.70 billion as of January 3. The country’s total liquid foreign reserves stood at $16.38 billion, with commercial banks holding net reserves of $4.68 billion.
In the open market, the rupee exhibited minor losses. It depreciated by 52 paisa for buying and 33 paisa for selling against the US dollar, closing at Rs. 278.59 and Rs. 280.18, respectively. Against the euro, the rupee dropped by 74 paisa for buying and 87 paisa for selling, ending at Rs. 286.46 and Rs. 289.17. It also lost 13 paisa for buying and 15 paisa for selling against the UAE Dirham, closing at Rs. 75.79 and Rs. 76.30. Similarly, the rupee weakened by 10 paisa for both buying and selling against the Saudi Riyal, closing at Rs. 74.08 and Rs. 74.55, respectively.
Weekly Inter-Bank Market Rates for USD:
Bid Open: Rs. 278.56 | Bid Close: Rs. 278.58
Offer Open: Rs. 278.76 | Offer Close: Rs. 278.78
Weekly Open-Market Rates for USD:
Bid Open: Rs. 278.07 | Bid Close: Rs. 278.59
Offer Open: Rs. 279.85 | Offer Close: Rs. 280.18
