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 marginal gain against US dollar

  • Appreciates to 185.45 in inter-bank market on Wednesday
Published April 27, 2022

Pakistan's rupee posted a gain for the third consecutive session, appreciating 0.09% against the US dollar in the inter-bank market on Wednesday.

As per the State Bank of Pakistan (SBP), the rupee closed at 185.45 after a day-on-day appreciation of 17 paisas, or 0.09%.

Rupee posts back-to-back gains against US dollar

Oil prices, a major determinant of currency parity, extended gains on Wednesday amid simmering geopolitical tensions as Russia cut gas supplies to Bulgaria and Poland, while hopes of Chinese economic stimulus buoyed the demand outlook. The rise in prices does not bode well for Pakistan that has seen its import bill soar to $62.1 billion in the first nine months of FY22.

Umair Naseer, Associate Director of Research at Topline Securities, said Finance Minister Miftah Ismail's talks with the International Monetary Fund (IMF), and the agreement to remove subsidies on fuel and energy “has been taken as a positive indicator by the market, bringing clarity that the programme will not be delayed”.

The revival of the IMF programme is crucial for the cash-strapped South Asian country that has seen its reserves deplete to around $10.8 billion. Analysts say the commencement of IMF’s Extended Fund Facility's (EFF) would pave the way for lending from other international creditors as well.

The IMF mission is expected to visit in May for the EFF 7th Review to hold technical level talks and thus “funds are expected to be released in June”, said Naseer.

The market is also anticipating good news from Prime Minister Shehbaz Sharif's upcoming visit to Saudi Arabia.

“An announcement of loans or deposits by the kingdom will uplift market sentiment. The expected Chinese debt rollover would also add positivity. Following these developments, the rupee is expected to appreciate."

PM Shehbaz will depart for Saudi Arabia on Thursday (April 28), which would be aimed at advancing economic, trade and investment ties with the friendly country as well as creating opportunities for the Pakistani workforce in Saudi Arabia.

Inter-bank market rates for dollar on Wednesday

BID Rs 185.35

OFFER Rs 185.45

Open-market movement

In the open market, the PKR gained 5 paisas for buying and 30 paisas for selling against USD, closing at 185.50 and 186.50, respectively.

Against Euro, the PKR gained 2 rupees for buying and 1.50 rupees for selling, closing at 194.50 and 196.50, respectively.

Against UAE Dirham, the PKR remained unchanged for both buying and selling, closing at 50 and 50.50, respectively.

Against Saudi Riyal, the PKR lost 20 paisas for both buying and selling, closing at 48.70 and 49.20, respectively.

Open-market rates for dollar on Wednesday

BID Rs 185.50

OFFER Rs 186.50

Comments

Comments are closed.