- Cumulatively, rupee has appreciated Rs21.17 or 9.7% against the US dollar in the past sixteen sessions
Pakistan’s rupee dipped against the US dollar, and registered a marginal decline of 0.23% in the inter-bank market on the final session of the week.
As per the State Bank of Pakistan (SBP), the rupee closed at 218.43 after depreciating Re0.05 or 0.02%. The rupee has cumulatively appreciated Rs21.27 or 9.7% in the last fifteen trading sessions.
On Thursday, the rupee dipped against the US dollar, and closed at 218.38 after registering a marginal decline of Re0.50 or 0.23% in the inter-bank market.
After recovering throughout the ongoing month, on the back of a shift in sentiment after Ishaq Dar’s appointment as finance minister and actions taken by the central bank against institutions involved in currency speculation, the rupee is showing signs of stability against the US dollar.
Talking to Business Recorder, Shahab Farooq, Director Research at Next Capital said that in the near-term not much pressure is being seen on the local currency.
“Funds are expected to be released in the coming weeks, whereas, floods related remittances are also projected to improve,” he said.
Internationally, the dollar took a breather on Friday after a volatile overnight session as red-hot US inflation data pointed to a more aggressive interest rate hike.
The dollar index was little changed after falling 0.5% in the previous session as investors digested data that showed US consumer prices increased more than expected in September.
Oil prices, a key determinant of currency parity, were stable on Friday as support from a large cut to the OPEC+ supply target and a weaker dollar were countered by global recession fears and weak oil demand in China.
Inter-bank market rates for dollar on Friday
BID Rs 218.50
OFFER Rs 219.50
In the open market, the PKR lost 4 rupees for both buying and selling against USD, closing at 224 and 226, respectively.
Against Euro, the PKR lost one rupee for both buying and selling, closing at 222 and 224 respectively.
Against UAE Dirham, the PKR lost one rupee for both buying and selling, closing at 62 and 62.50, respectively.
Against Saudi Riyal, the PKR lost one rupee for buying and 90 paisas for selling, closing at 60.30 and 60.80, respectively.
Open-market rates for dollar on Friday
BID Rs 224
OFFER Rs 226