Courtesy: Business Recorder, 14 April 2025
RECORDER REVIEW
KARACHI: The Pakistani rupee remained stable against the US dollar in the inter-bank market during the previous week.
The rupee lost Re0.31 in the first three sessions of the week, but gained momentum to appreciate by the same in the last two sessions.
Resultantly, the local unit closed at Rs280.47, unchanged from the rate against the greenback it had closed at during the week earlier, according to the State Bank of Pakistan (SBP).
Pakistan’s growth is projected to remain steady at 2.5% in fiscal year 2025 and improve to 3% in fiscal year 2026, supported by the implementation of a reform programme that should strengthen private investment, said the Asian Development Bank (ADB).
The bank in its latest report titled ‘Asian Development Outlook (ADO) April 2025’ stated that Pakistan’s economy is showing signs of stability and recovery with growth in FY2025, as the effects of tight macroeconomic policies and progress in economic reforms took hold.
Meanwhile, foreign exchange reserves held by the SBP increased by $23 million on a weekly basis, clocking in at $10.70 billion as of April 4. Total liquid foreign reserves held by the country stood at $15.75 billion. Net foreign reserves held by commercial banks stood at $5.05 billion.
Open-market rates
In the open market, the PKR lost 26 paise for buying and 12 paise for selling against USD, closing at 280.15 and 282.10, respectively.
Against Euro, the PKR lost 8.37 rupees for buying and 8.48 rupees for selling, closing at 316.06 and 319.39, respectively.
Against UAE Dirham, the PKR remained unchanged for buying and lost 24 paise for selling, closing at 76.11 and 76.98, respectively.
Against Saudi Riyal, the PKR lost 7 paise for buying and 20 paise for selling, closing at 74.46 and 75.18, respectively.
