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Winning streak continues: Rupee records 11th successive gain against US dollar, settles under 220

  • Cumulatively, rupee has appreciated Rs19.78 or 9% against the US dollar in the past eleven sessions
Published October 7, 2022

Pakistan's rupee winning streak against the US dollar entered the 11th session, as the currency appreciated 0.9% in the inter-bank market on Friday.

As per the State Bank of Pakistan (SBP), the rupee closed at 219.92 after appreciating Rs2.02 or 0.92%. In the last eleven trading sessions, the rupee has cumulatively appreciated Rs19.78 or 9%.

During this week alone, the rupee appreciated by Rs8.53 or 3.88% against the US dollar.

On Thursday, the rupee had maintained its upward trajectory against the US dollar for the tenth straight session, closing at 221.94 after appreciating Rs2 or 0.90%.

In a major development Thursday night, Moody’s Investors Service (Moody’s) downgraded the government of Pakistan’s local and foreign currency issuer and senior unsecured debt ratings to Caa1 from B3.

The decision to downgrade the ratings to Caa1 was driven by increased government liquidity and external vulnerability risks and higher debt sustainability risks, in the aftermath of devastating floods that hit the country since June 2022.

However, the Ministry of Finance, in its response, strongly contested Moody’s rating action, which it said was carried out unilaterally without prior consultations and meetings with its teams and SBP.

Moreover, the Monetary Policy Committee of the central bank will meet on Monday (Oct 10) at SBP Karachi to decide about the monetary policy. A majority of market participants expect a status quo in the upcoming meeting.

Internationally, the dollar was strongly poised on Friday, buoyed by a chorus of hawkish Federal Reserve speakers and as investors bet a solid jobs data later in the day will keep the world’s biggest central bank on its aggressive tightening path to tame inflation.

The US dollar index was up 0.04% at 112.29, after rising nearly 1% overnight and away from a low of 110.05 hit earlier in the week.

Oil prices, a key determinant of currency parity, rose on Friday and was headed for a second consecutive weekly gain supported by OPEC+’s decision to make its largest supply cut since 2020 despite concern about recession and rising interest rates.

Inter-bank market rates for dollar on Friday

BID Rs 219.90

OFFER Rs 220.90

Open-market movement

In the open market, the PKR gained 1.50 rupees for both buying and selling against USD, closing at 220 and 222, respectively.

Against Euro, the PKR gained one rupee for both buying and selling, closing at 219 and 221 respectively.

Against UAE Dirham, the PKR remained unchanged for both buying and selling, closing at 61 and 61.50, respectively.

Against Saudi Riyal, the PKR gained 70 paisas for both buying and selling, closing at 58.50 and 59, respectively.

Open-market rates for dollar on Friday

BID Rs 220

OFFER Rs 222

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