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Business Recorder

Rupee largely stable

KARACHI: Rupee remained largely stable against the US dollar in the inter-bank market during the previous week. The local unit closed at 283.72, marginally lower by Rs0.02 or 0.01% against 283.70 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP). In a key development, foreign exchange reserves held by the SBP decreased by record $2.66 billion on a weekly basis, clocking in at $9.06 billion as of June 20. This was the biggest weekly decline in SBP reserves in over 3 years. The central bank's reserves had previously declined by $2.9 billion back in March 2022. However, SBP has received the GOP commercial loans equivalent to $3.1 billion; and multilateral loans of over $500 million, according to the central bank. 'These inflows will be reflected in SBP's FX reserves for the week ending on 27-Jun-2025,' SBP said. Meanwhile, the National Assembly (NA) passed the federal budget during the previous week for the next fiscal year (2025-26), with a total outlay of Rs17.573 trillion, focusing on sustainable and inclusive economic growth. The budget projects an economic growth rate of 4.2% and an inflation rate of 7.5% for the next financial year. Pakistan and the World Bank reaffirmed their development partnership during high-level consultations in Washington, D.C., with both sides committing to the effective implementation of the newly launched $40 billion Country Partnership Framework (CPF) 2026–2035. Open-market rates In the open market, the PKR lost 72 paisa for buying and 36 paisa for selling against USD, closing at 284.95 and 286.10, respectively. Against Euro, the PKR lost 6.51 rupees for buying and 6.00 rupees for selling, closing at 333.01 and 335.45, respectively. Against UAE Dirham, the PKR lost 32 paisa for buying and 7 paise for selling, closing at 77.65 and 78.10, respectively. Against Saudi Riyal, the PKR lost 32 paise for buying and 10 paise for selling, closing at 75.97 and 76.40, respectively. ========================================= THE RUPEE ========================================= Weekly inter-bank market rates for dollar ========================================= Bid Close Rs. 283.72 Offer Close Rs. 283.92 Bid Open Rs. 283.70 Offer Open Rs. 283.90 ========================================= Weekly open-market rates for dollar ========================================= Bid Close Rs. 284.95 Offer Close Rs. 286.10 Bid Open Rs. 284.23 Offer Open Rs. 285.74 ========================================= Copyright Business Recorder, 2025