AGL 5.72 Increased By ▲ 0.02 (0.35%)
ANL 8.93 Decreased By ▼ -0.17 (-1.87%)
AVN 79.42 Increased By ▲ 0.26 (0.33%)
BOP 5.18 Decreased By ▼ -0.03 (-0.58%)
CNERGY 4.69 Decreased By ▼ -0.04 (-0.85%)
EFERT 81.32 Increased By ▲ 0.21 (0.26%)
EPCL 50.91 Increased By ▲ 0.16 (0.32%)
FCCL 13.45 Decreased By ▼ -0.07 (-0.52%)
FFL 5.80 Increased By ▲ 0.04 (0.69%)
FLYNG 7.18 Decreased By ▼ -0.11 (-1.51%)
FNEL 4.80 Decreased By ▼ -0.04 (-0.83%)
GGGL 8.72 Decreased By ▼ -0.17 (-1.91%)
GGL 15.73 Decreased By ▼ -0.07 (-0.44%)
HUMNL 5.84 Increased By ▲ 0.01 (0.17%)
KEL 2.58 Decreased By ▼ -0.01 (-0.39%)
LOTCHEM 29.31 Decreased By ▼ -0.49 (-1.64%)
MLCF 25.37 Increased By ▲ 0.22 (0.87%)
OGDC 72.56 Decreased By ▼ -0.14 (-0.19%)
PAEL 15.39 Decreased By ▼ -0.08 (-0.52%)
PIBTL 5.17 Increased By ▲ 0.04 (0.78%)
PRL 16.27 Decreased By ▼ -0.23 (-1.39%)
SILK 1.05 Decreased By ▼ -0.05 (-4.55%)
TELE 9.34 Decreased By ▼ -0.21 (-2.2%)
TPL 7.35 Increased By ▲ 0.02 (0.27%)
TPLP 19.10 Decreased By ▼ -0.16 (-0.83%)
TREET 21.89 Increased By ▲ 0.05 (0.23%)
TRG 142.76 Decreased By ▼ -1.34 (-0.93%)
UNITY 17.20 Decreased By ▼ -0.32 (-1.83%)
WAVES 10.05 Increased By ▲ 0.05 (0.5%)
WTL 1.36 Decreased By ▼ -0.01 (-0.73%)
BR100 4,248 Decreased By -10.3 (-0.24%)
BR30 15,761 Decreased By -79.9 (-0.5%)
KSE100 42,349 Decreased By -25 (-0.06%)
KSE30 15,632 Decreased By -33.3 (-0.21%)
Markets

Rupee registers marginal gain ahead of IMF board meeting

  • Closes at 176.41 against US dollar in inter-bank market on Wednesday
Published February 2, 2022
Follow us

Pakistan’s rupee recorded another marginal gain against the US dollar, staying in the green for the fourth consecutive session after appreciating 0.01% in the inter-bank market on Wednesday.

As per the State Bank of Pakistan (SBP), the rupee closed at 176.41 after a day-on-day appreciation of two paisas or 0.01%. The rupee had earlier registered a gain of 0.12%, 0.03% and 0.16%, on Friday (last week), Monday, and Tuesday, respectively.

The rupee has been relatively stable against the dollar ahead of a planned meeting of the International Monetary Fund (IMF) Executive Board that would take Pakistan's sixth review of the $6-billion Extended Fund Facility (EFF) on its agenda on February 2.

Rupee gains against US dollar as Pakistan meets IMF condition

Completion of the review would make available SDR 750 million (about $1,059 million), bringing total disbursements under the EFF to about $3,027 million.

Last year, Pakistan and the IMF reached a staff-level agreement on policies and reforms needed to complete the sixth review.

Meanwhile, Pakistan's reserves position is tipped to improve after the government successfully raised $1 billion through the issuance of an International Sukuk.

“The transaction generated great interest as leading global investors from Asia, Middle East, Europe and the US participated in the order book,” read an official statement.

However, rising oil prices in the international market are likely to maintain pressure on the currency.

“Higher oil price is widening the current account deficit and imports need to be curtailed or else pressure will exert on the fragile recovery which will increase risk around macro stability,” said Asad Rizvi, ex-treasury head at Chase Manhattan Bank.

Oil prices surged further on Wednesday toward last week's seven-year highs as a draw in US crude stocks confirmed strong demand and a lack of supply.

Brent crude rose 17 cents, or 0.2%, to $89.33 a barrel, and US West Texas Intermediate crude was up 16 cents, or 0.2%, at $88.36 a barrel.

Inter-bank market rates for dollar on Wednesday

BID Rs 176.35

OFFER Rs 176.45

Open-market movement

In the open market, the PKR gained 50 paisas for both buying and selling against USD, closing at 176.50 and 177.50, respectively.

Against Euro, the PKR lost 40 paisas for buying while remaining unchanged for selling, closing at 198.50 and 200, respectively.

Against UAE Dirham, the PKR gained 10 paisas for buying and 20 paisas for selling, closing at 49.10 and 49.50, respectively.

Against Saudi Riyal, the PKR remained unchanged for buying while gaining 15 paisas for selling, closing at 46.70 and 47, respectively.

Open-market rates for dollar on Wednesday

BID Rs 176.50

OFFER Rs 177.50

Comments

Comments are closed.

Rupee registers marginal gain ahead of IMF board meeting

Govt remains committed to eliminate interest-based banking system in Pakistan: Dar

At least 3 killed, over 20 injured in suicide blast in Quetta

Rupee closes unchanged against US dollar for second day

Blast in Hangu mine leaves 9 dead, 4 injured

Aramco discovers two new Saudi gas fields

Pakistan’s REER rises to 17-month high at 100.4 in October

Oil up over $2 on tighter supply while OPEC+ talks limit gains

World Bank says remittances up 5% in 2022, but growth to slow to 2% next year

Punjab local government election to be held in April: ECP

Azam Nazeer Tarar takes charge as law minister again