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Markets

6th successive decline: Rupee loses 0.53% against US dollar

  • Cumulatively, the currency has lost Rs3.09 against the US dollar in the last six trading sessions
Published October 19, 2022
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Pakistan’s rupee posted a decline for the sixth consecutive session against the US dollar, and depreciated 0.53% in the inter-bank market on Wednesday.

As per the State Bank of Pakistan (SBP), the rupee closed at 220.88 after depreciating Rs1.17. The rupee has cumulatively depreciated Rs3.09 or 1.4 % in the last six sessions.

On Tuesday, rupee had registered a decline for the fifth straight session against the US dollar, and closed at 219.71 after depreciating Re0.82 or 0.37%.

As per market experts, weakness in the local currency is due to dwindling reserves and absence of confirmations of foreign inflows.

In an interview with Bloomberg, Finance Minister Ishaq Dar said that the rupee has been “heavily undervalued”.

“It is due to speculation — and some players in the market have been responsible for that,” he added.

Globally, the dollar hung close to a 32-year peak versus the yen on Wednesday while edging up from a two-week trough against a basket of major peers as traders weighed improved risk sentiment against the prospect of aggressive Federal Reserve rate hikes.

The dollar index – which measures the currency against six peers including the yen, sterling and euro – edged up to 112.01, after dropping to the lowest since Oct. 6 at 111.76 overnight.

Oil prices, a key determinant of currency parity, rose slightly on Wednesday amid plenty of caution as bullish signals like falling US crude stocks and a generally undersupplied market were countered by bearish factors such as uncertain Chinese demand growth and falling gas prices.

Inter-bank market rates for dollar on Wednesday

BID Rs 221

OFFER Rs 222

Open-market movement

In the open market, the PKR lost 1.70 rupees for both buying and selling against USD, closing at 225.70 and 227.90, respectively.

Against Euro, the PKR lost 2.50 rupees for both buying and selling, closing at 222.50 and 224.50 respectively.

Against UAE Dirham, the PKR lost 2 rupees for both buying and selling, closing at 63 and 63.60, respectively.

Against Saudi Riyal, the PKR lost 55 paisas for buying and 75 paisas for selling, closing at 60 and 60.60, respectively.

Open-market rates for dollar on Wednesday

BID Rs 225.70

OFFER Rs 227.90

Comments

Comments are closed.

Fazal Oct 19, 2022 11:48am
At least the Rupee has stopped plunging anymore, it merely drops now :)
thumb_up Recommended (0)
Fazeel Siddiqui (Overseas Pakistani) Oct 19, 2022 02:24pm
A fake economy can't be controlled by sentiments only. Dar boast will sink economy further. USD is set to hit above 275 whenever artificial lever is removed.
thumb_up Recommended (0)
M. Hassan Oct 19, 2022 03:04pm
Thanks God! State Bank of Pakistan is independent now. Otherwise, this maniac Dar would have once again destroyed economy.
thumb_up Recommended (0)
M. Hassan Oct 19, 2022 03:06pm
@Fazeel Siddiqui (Overseas Pakistani), I agree with you.
thumb_up Recommended (0)
M. Hassan Oct 19, 2022 03:07pm
@Fazal, Nobody can stop this fall unless fundamentals of the economy are corrected.
thumb_up Recommended (0)
Musab Imran Oct 19, 2022 07:02pm
Our economy is running on speculations and sentiments, I believe that the ruppee will lose its value in the future once the "Dar" forces loses its charm. So our ruppee is not standing on its own; better PKR value should be reflected by better indicators, not due to some temporary sentiments in the market.
thumb_up Recommended (0)
samir sardana Oct 19, 2022 07:15pm
PAKISTAN IS EXITING,THE FATF GREY LIST ! IT IS A NEW DAWN BY NEXT MONTH, THE PKR AND KSE, WILL BE,ON A DIFFERENT TRAJECTORY ! THE FLOODS RELIEF PACKAGE, WILL ALSO COME,AT THE RIGHT TIME ! HAPPY DAYS ARE HERE AGAIN ! dindooohindoo JIYE JIYE PAKISTAN ! ALL THAT REMAINS IS TO LIBERATE IOK FROM THE HINDOOS AND CHAIWALA AND HIS VANAR SENA !
thumb_up Recommended (0)
Market Watch Oct 20, 2022 02:16am
@Fazeel Siddiqui you are right
thumb_up Recommended (0)
Market Watch Oct 20, 2022 02:16am
@Musab Imran, agred
thumb_up Recommended (0)

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