AVN 65.45 Increased By ▲ 0.50 (0.77%)
BAFL 30.65 Decreased By ▼ -0.86 (-2.73%)
BOP 4.83 Increased By ▲ 0.04 (0.84%)
CNERGY 3.72 Decreased By ▼ -0.12 (-3.13%)
DFML 14.26 Decreased By ▼ -0.15 (-1.04%)
DGKC 41.06 Decreased By ▼ -0.54 (-1.3%)
EPCL 46.56 Decreased By ▼ -0.14 (-0.3%)
FCCL 11.35 Increased By ▲ 0.06 (0.53%)
FFL 5.03 Decreased By ▼ -0.02 (-0.4%)
FLYNG 5.78 Decreased By ▼ -0.04 (-0.69%)
GGL 10.28 Decreased By ▼ -0.17 (-1.63%)
HUBC 67.03 Increased By ▲ 1.39 (2.12%)
HUMNL 5.68 Increased By ▲ 0.02 (0.35%)
KAPCO 27.85 Increased By ▲ 0.10 (0.36%)
KEL 2.19 Increased By ▲ 0.04 (1.86%)
LOTCHEM 24.83 Increased By ▲ 0.48 (1.97%)
MLCF 21.37 Decreased By ▼ -0.11 (-0.51%)
NETSOL 84.20 Decreased By ▼ -0.59 (-0.7%)
OGDC 85.94 Decreased By ▼ -1.31 (-1.5%)
PAEL 11.01 Increased By ▲ 0.03 (0.27%)
PIBTL 4.17 Decreased By ▼ -0.05 (-1.18%)
PPL 74.56 Decreased By ▼ -1.14 (-1.51%)
PRL 13.40 Decreased By ▼ -0.25 (-1.83%)
SILK 0.92 Increased By ▲ 0.03 (3.37%)
SNGP 40.44 Decreased By ▼ -0.89 (-2.15%)
TELE 5.86 Increased By ▲ 0.01 (0.17%)
TPLP 15.42 Decreased By ▼ -0.22 (-1.41%)
TRG 111.63 Decreased By ▼ -0.07 (-0.06%)
UNITY 13.76 Decreased By ▼ -0.22 (-1.57%)
WTL 1.14 Decreased By ▼ -0.02 (-1.72%)
BR100 4,037 Decreased By -26.9 (-0.66%)
BR30 14,412 Decreased By -56.6 (-0.39%)
KSE100 40,471 Decreased By -262.4 (-0.64%)
KSE30 15,163 Decreased By -67.2 (-0.44%)
Markets

Rupee records marginal gain, settles at 220.65 against US dollar

  • Back-to-back gains come after finance minister’s meeting with banks and exchange companies
Published November 1, 2022
Follow us

Pakistan’s rupee registered back-to-back gains against the US dollar, and settled with a marginal appreciation of 0.11% in the inter-bank on Tuesday, even as the greenback strengthened against other currencies.

As per the State Bank of Pakistan (SBP), the rupee closed at 220.65 after an appreciation of Re0.24.

On Monday, Pakistan’s rupee had ended its three-session depreciation run against the US dollar, and settled at 220.89 after an appreciation of Rs1.58 or 0.72%. In October, rupee gained Rs7.56 or 3.3% against the US dollar.

The improvement comes following the finance minister’s meetings with key stakeholders, assuring ample liquidity in the market, experts say.

On Monday, Finance Minister Ishaq Dar in a video message made a number of key announcements.

The government announced to keep the price of petroleum products unchanged for the next 15 days, while the deadline to file income tax returns was extended to November 30.

Moreover, Dar also said that the government, after a discussion with the State Bank of Pakistan (SBP), will clear the pending letters of credit (LCs) with the limit from November 1 being enhanced to $100,000 from the current $50,000.

Internationally, the US dollar sank from a one-week high against a basket of major peers on Tuesday as the mood in financial markets brightened ahead of key Federal Reserve and Bank of England (BoE) meetings this week.

The US dollar index - which measures the greenback against six rivals including the euro, sterling and yen - sagged 0.48% to 111.02 on Tuesday. That ate away some of the 0.79% gains it made on Monday.

The index has fluctuated widely around the 112 level since its retreat from a two-decade high of 114.78 at the end of September.

Oil prices, a key indicator of currency parity, rose on Tuesday, recouping losses from the previous session, as a weaker US dollar offset widening COVID-19 curbs in China that have stoked fears of slowing fuel demand in the world’s second-largest oil consumer.

Inter-bank market rates for dollar on Tuesday

BID Rs 220.70

OFFER Rs 221.70

Open-market movement

In the open market, the PKR gained 50 paisas for both buying and selling against USD, closing at 224.50 and 226.50, respectively.

Against Euro, the PKR lost one rupee for buying and 75 paisas for selling, closing at 230 and 232 respectively.

Against UAE Dirham, the PKR gained 50 paisas for both buying and selling, closing at 65 and 65.50, respectively.

Against Saudi Riyal, the PKR lost 80 paisas for buying and 70 paisas for selling, closing at 62.30 and 62.80, respectively.

Open-market rates for dollar on Tuesday

BID Rs 224.50

OFFER Rs 226.50

Comments

Comments are closed.

Fazeel Siddiqui (Overseas Pakistani) Nov 01, 2022 12:20pm
Open market isn't affected by threats and arrogance shown by Dar. Only interbank rate fell in fraction because SBP is standing with Dar and trying to influence banks.
thumb_up Recommended (0)

Rupee records marginal gain, settles at 220.65 against US dollar

Imran talks of ‘jail bharo’ movement soon

Pakistan to appeal to Taliban leader over mosque bombing

Section 144 imposed in Peshawar

Marriyum steps up criticism of IK

IK says ‘some other people’ behind acts of vengeance

Foreign authorities seeking properties/bank accounts info: FBR won’t intimate concerned taxpayer about request

Dar chairs meeting on role of PDFL, SOEs

‘Kashmir Solidarity Day’ today

WB board to consider $78m ‘digital economy’ project next month

PM directs PD to recover Rs1.13bn royalty amount from 2 oil, gas cos