AGL 8.30 Increased By ▲ 0.44 (5.6%)
ANL 10.59 Increased By ▲ 0.24 (2.32%)
AVN 78.60 Increased By ▲ 0.70 (0.9%)
BOP 5.45 Increased By ▲ 0.06 (1.11%)
CNERGY 5.59 Increased By ▲ 0.58 (11.58%)
EFERT 80.25 Decreased By ▼ -0.55 (-0.68%)
EPCL 69.60 Increased By ▲ 1.50 (2.2%)
FCCL 15.30 Increased By ▲ 0.74 (5.08%)
FFL 6.53 Increased By ▲ 0.33 (5.32%)
FLYNG 7.18 Increased By ▲ 0.53 (7.97%)
GGGL 10.85 Increased By ▲ 0.27 (2.55%)
GGL 16.79 Increased By ▲ 0.38 (2.32%)
GTECH 8.14 Increased By ▲ 0.02 (0.25%)
HUMNL 7.04 Increased By ▲ 0.02 (0.28%)
KEL 2.99 Increased By ▲ 0.11 (3.82%)
LOTCHEM 30.77 Increased By ▲ 2.24 (7.85%)
MLCF 28.98 Increased By ▲ 2.03 (7.53%)
OGDC 82.75 Increased By ▲ 0.60 (0.73%)
PAEL 16.97 Increased By ▲ 0.32 (1.92%)
PIBTL 6.08 Increased By ▲ 0.24 (4.11%)
PRL 18.10 Increased By ▲ 1.35 (8.06%)
SILK 1.15 Increased By ▲ 0.05 (4.55%)
TELE 11.25 Increased By ▲ 0.28 (2.55%)
TPL 9.20 Decreased By ▼ -0.02 (-0.22%)
TPLP 19.88 Increased By ▲ 0.22 (1.12%)
TREET 26.46 Increased By ▲ 0.55 (2.12%)
TRG 94.60 Increased By ▲ 0.99 (1.06%)
UNITY 19.50 Increased By ▲ 0.50 (2.63%)
WAVES 14.34 Increased By ▲ 0.78 (5.75%)
WTL 1.30 Increased By ▲ 0.06 (4.84%)
BR100 4,187 Increased By 80.1 (1.95%)
BR30 15,474 Increased By 343.5 (2.27%)
KSE100 42,096 Increased By 670.9 (1.62%)
KSE30 15,883 Increased By 222.7 (1.42%)
Markets

Rupee posts further recovery against US dollar

  • Closes at 175.39 in inter-bank market on Thursday
Published February 17, 2022

Pakistan's rupee recovered further against the US dollar, appreciating 0.16% in the inter-bank market on Thursday.

As per the State Bank of Pakistan (SBP), the rupee closed at 175.39 after a day-on-day appreciation of 28 paisas or 0.16%. On Wednesday, the Pakistani currency had registered a gain of 0.06%.

Rupee reverses losing streak against US dollar

The currency's strength comes as oil prices stopped their upwards surge after geopolitical volatility pushed crude well above $90 per barrel, adding to the concern of oil-importing countries like Pakistan, which already battles a widening current account deficit and shortage of foreign exchange reserves.

On Thursday, Brent crude traded down $1.26, or 1.3%, at $93.55 a barrel by 0914 GMT. US West Texas Intermediate (WTI) crude was down $1.34, or 1.4%, at $92.32.

“Oil prices are already too high due to geopolitical escalation,” Samiullah Tariq, Head of Research and Development at Pakistan Kuwait Investment Company (Private) Limited, told Business Recorder.

"It may take 3-4 months for the pressure to subside. However, if tensions escalate further, oil could cross the $100 level as well.”

Meanwhile, the SBP, in its bid to improve foreign exchange inflows in the inter-bank market, facilitate exporters and encourage timely inflow of export proceeds, decided to enhance the scope of Export Finance Scheme (EFS) - both conventional as well as Shariah-based. This allows exporters to obtain financing against their proceeds through discounting of export bills/receivables.

“This initiative will help exporters meet their working capital needs and also incentivise them to bring in their export proceeds in a timely manner that will help to improve foreign exchange inflows in the inter-bank market,” said the SBP.

Inter-bank market rates for dollar on Thursday

BID Rs 175.30

OFFER Rs 175.40

Open-market movement

In the open market, the PKR gained 40 paisas for both buying and selling against USD, closing at 176.30 and 177.30, respectively.

Against Euro, the PKR remained unchanged for both buying and selling, closing at 199 and 201, respectively.

Against UAE Dirham, the PKR gained 20 paisas for both buying and selling, closing at 48.60 and 49.05, respectively.

Against Saudi Riyal, the PKR gained 5 paisas for both buying and selling closing, at 46.65 and 47.10, respectively.

Open-market rates for dollar on Thursday

BID Rs 176.30

OFFER Rs 177.30

Comments

Comments are closed.