Sixth successive gain: rupee settles at 298.82 against US dollar in inter-bank

The Pakistani rupee maintained its positive momentum against the US dollar, appreciating for the sixth successive session to settle at 298.82 in the inter-bank market on Wednesday.

At close, the rupee was up Rs1.07 or 0.36%, as per the State Bank of Pakistan (SBP). Cumulatively, the rupee has appreciated nearly 3% in the last six sessions after it hit a record low of 307.1 last week.

On Tuesday, the rupee had appreciated 0.42% to settle at 299.89 in the inter-bank market.

The currency has been on an appreciation run since the government announced a crackdown against hoarders and smugglers of local currency last week, with a more pronounced change witnessed in the open-market.

Internationally, the US dollar was broadly steady on Wednesday ahead of a key US inflation report later in the day, though it rose on the yen as traders assessed comments from Japan’s top central banker on a possible early exit from its negative interest rate policy.

The US currency advanced around 0.2% to 147.36 against the yen, which retraced its biggest one-day percentage rise in two months on Monday, following the remarks from Bank of Japan (BOJ) Governor Kazuo Ueda over the weekend.

The US dollar index measure against a basket of key rivals was last steady at 104.67, after slipping to a one-week low on Monday and clocking its largest daily fall in two months.

Oil prices, a key indicator of currency parity, rose on Wednesday, firming its ground near a 10-month peak reached during trading a day earlier, as the market balanced supply concerns over Libya output and OPEC+ cuts with global macroeconomic headwinds.

Inter-bank market rates for dollar on Wednesday

BID                            Rs 298.80

OFFER                      Rs 299.00

Open-market movement

In the open market, the PKR lost 1.00 rupee for both buying and selling against USD, closing at 298.00 and 301.00, respectively.

Against Euro, the PKR lost 1.00 rupee for both buying and selling, closing at 322.00 and 325.00, respectively.

Against UAE Dirham, the PKR gained 20 paisa for both buying and selling, closing at 81.50 and 82.30, respectively.

Against Saudi Riyal, the PKR gained 50 paisa for both buying and selling, closing at 77.50 and 78.20, respectively.

Open-market rates for dollar on Wednesday

BID                            Rs 298.00

OFFER                      Rs 301.00