AVN 67.75 Decreased By ▼ -0.73 (-1.07%)
BAFL 30.82 Decreased By ▼ -0.18 (-0.58%)
BOP 4.84 Decreased By ▼ -0.07 (-1.43%)
CNERGY 3.75 No Change ▼ 0.00 (0%)
DFML 14.05 Decreased By ▼ -0.18 (-1.26%)
DGKC 41.04 Decreased By ▼ -0.60 (-1.44%)
EPCL 47.21 Increased By ▲ 1.84 (4.06%)
FCCL 11.58 Decreased By ▼ -0.13 (-1.11%)
FFL 5.11 Increased By ▲ 0.01 (0.2%)
FLYNG 5.95 Increased By ▲ 0.10 (1.71%)
GGL 11.17 Increased By ▲ 0.76 (7.3%)
HUBC 67.68 Decreased By ▼ -0.82 (-1.2%)
HUMNL 5.71 Decreased By ▼ -0.04 (-0.7%)
KAPCO 28.03 Decreased By ▼ -0.19 (-0.67%)
KEL 2.28 Increased By ▲ 0.02 (0.88%)
LOTCHEM 26.25 Increased By ▲ 1.15 (4.58%)
MLCF 21.58 No Change ▼ 0.00 (0%)
NETSOL 86.53 Decreased By ▼ -1.82 (-2.06%)
OGDC 99.78 Increased By ▲ 0.48 (0.48%)
PAEL 11.08 Decreased By ▼ -0.03 (-0.27%)
PIBTL 4.23 No Change ▼ 0.00 (0%)
PPL 80.05 Decreased By ▼ -2.40 (-2.91%)
PRL 13.26 Decreased By ▼ -0.08 (-0.6%)
SILK 0.90 No Change ▼ 0.00 (0%)
SNGP 43.75 Decreased By ▼ -0.63 (-1.42%)
TELE 6.08 Decreased By ▼ -0.10 (-1.62%)
TPLP 15.88 Increased By ▲ 0.07 (0.44%)
TRG 121.33 Increased By ▲ 1.58 (1.32%)
UNITY 14.04 Decreased By ▼ -0.06 (-0.43%)
WTL 1.31 Increased By ▲ 0.05 (3.97%)
BR100 4,181 Increased By 9.7 (0.23%)
BR30 15,270 Increased By 16.5 (0.11%)
KSE100 41,723 Increased By 200.6 (0.48%)
KSE30 15,746 Increased By 83 (0.53%)
Markets

Rupee records back-to-back losses, settles at 221.5 against US dollar

  • Depreciates 0.37% in inter-bank market, spread with open market widens
Published October 27, 2022
Follow us

Pakistan’s rupee registered back-to-back losses against the US dollar, and depreciated 0.37% in the inter-bank on Thursday.

As per the State Bank of Pakistan (SBP), the rupee closed at 221.5 after a fall of Re0.82. Since October 13, the rupee has decreased by Rs3.12 or 1.4% against the US dollar.

On Wednesday, Pakistan’s rupee had reverted to its old ways, and closed at 220.68 after depreciating Re0.95 or 0.43%.

Experts attributed the rupee's decline to political uncertainty after Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan on Tuesday announced to start a ‘long march’ from Lahore to Islamabad on Friday (October 28), causing negative sentiment among market players.

In another key development, the Asian Development Bank (ADB) on Wednesday released $1.5 billion for Pakistan to support the economy and rehabilitate the affected people in the wake of recent floods.

“SBP has received $1.5 billion from ADB in value 26 October 2022 as disbursement of policy-based loan for the Government of Pakistan. These proceeds have increased the FX reserves of SBP and will be reflected in the reserves for the week ending 28 October 2022,” the central bank said in a tweet on Thursday.

Internationally, the dollar retreated on Thursday as market expectations mounted that the Federal Reserve will tone down its aggressive stance on interest rate hikes, pushing the euro further above parity and lifting its other major peers to multi-week highs.

Looking ahead to next week’s Federal Open Market Committee (FOMC) meeting, markets are expecting another 75 basis point hike, although sentiment is building that the Fed will opt for a smaller increase in December.

Against a basket of currencies, the US dollar index was up 0.06% at 109.63, following a 1.1% fall overnight.

Oil prices, a key determinant of currency parity, steadied on Thursday following a rally of nearly 3% in the previous session, as concern over slack demand in China balanced optimism from record US crude exports and sign that recession concerns are abating.

Inter-bank market rates for dollar on Thursday

BID Rs 221.50

OFFER Rs 222.50

Open-market movement

In the open market, the PKR lost one rupee for both buying and selling against USD, closing at 223.20 and 225.40, respectively.

Against Euro, the PKR lost 2 rupees for buying and 2.05 rupees for selling, closing at 224.50 and 226.75 respectively.

Against UAE Dirham, the PKR lost 80 paisas for buying and 70 paisas for selling, closing at 64.50 and 65, respectively.

Against Saudi Riyal, the PKR lost 20 paisas for both buying and selling, closing at 59.20 and 59.80, respectively.

Open-market rates for dollar on Thursday

BID Rs 223.20

OFFER Rs 225.40

Comments

Comments are closed.

Maqbool Oct 27, 2022 10:50am
It seems Mr Dar’s under rs200 to the dollar, remains a dream….long term
thumb_up Recommended (0)
Fazeel Siddiqui (Overseas Pakistani) Oct 27, 2022 11:38am
IMF & now ADB, then IMF again and WB, all loans will do nothing to improve USD/PKR exchange rate. Artificial means of restricting business of FX exchange companies, holding LCs is all failed to bring USD below 220. This shows that actual value of USD to PKR is above 275. Overseas Pakistanis aren't coming in to trap of Dar this time, we don't want to loose another $5 b for sake of Dar good image.
thumb_up Recommended (0)

Rupee records back-to-back losses, settles at 221.5 against US dollar

Rupee up 1.08%, settles at 273.33 against US dollar

OGRA calls for action against hoarders of petrol, diesel in Punjab

Fed's Waller sees no sign of 'quick' decline in inflation

KSE-100 increases 0.48% owing to hopes of breakthrough in talks with IMF

ECP should announce election schedule for KP, Punjab: President Alvi

Holding polls in Punjab can be difficult as operation against militants underway, IG tells ECP

Amir Dogar among 12 PTI workers arrested in Multan

Turkish bourse shut for 5 days after quake, Wed trades cancelled

More survivors found as Turkiye-Syria quake toll tops 11,200

Google to soon add generative AI features in search results