Rupee loses 3.22pc viz dollar despite massive inflows

KARACHI: The Pakistani rupee struggled against the US dollar last week, plummeting by 3.32 percent in the interbank market, 5 percent in open market and 5.08 percent in the black market/ Hundi.
According to the figures shared by the central bank, the rupee opened at 277.59 in the interbank market on Monday last and closed at 286.81 on Friday last, going down by Rs9.22 (-3.32 percent) against the greenback.
Similar was the case in the open market, as the local unit opened in the range of 277-280 against the dollar on Monday and closed the week at 291-294, depreciating by Rs14 (-5 percent). Following suit, the dollar was quoted at Rs295 in the black market/Hundi on Monday last and Rs310 at the end of the week, down by Rs15 (-5.08 percent).
During the current fiscal year 2023-24, Pakistani rupee has shed Rs0.82 against the US dollar in the interbank market, while it plummeted by Rs59.38 against the greenback in the current year.
The rupee started the week on a negative note and depreciated during the all five sessions of the week. The rupee weakened against the US dollar in the interbank market by Rs1.67 (-0.60 percent) on Monday, Rs3.78 (-1.34 percent) on Tuesday, Rs0.76 (-0.27 percent) on Wednesday, Rs1.35 (-0.47 percent) on Thursday, and Rs1.66 (-0.58 percent) on Friday.
Following suit, the local unit ended all five sessions of the week in the open market in the red. The local unit depreciated by Rs3 (-1.07 percent) on Monday, Rs4 (-1.43 percent) on Tuesday, Rs2 (-0.70 percent) on Wednesday, Rs2 (-0.69 percent) on Thursday, and Rs3 (-1.03 percent) on Friday.
Same was the case in the black market/Hundi, as the dollar was quoted at Rs296 on Monday, Rs298 on Tuesday, Rs300 on Wednesday, Rs305 on Thursday and Rs305 on the last session of the week.- TLTP