Rupee ends losing streak, gains 0.11% against US dollar

Pakistan’s rupee ended its seven-session losing streak against the US dollar as it registered an appreciation of 0.11% in the inter-bank market on Tuesday.

As per the State Bank of Pakistan (SBP), the rupee closed at 223.42 after an improvement of Re0.24.

On Monday, the rupee had depreciated to settle at 223.66 after a decrease of Re0.49 or 0.22%.

Recently, the currency has been on a downward trajectory against the greenback amid reports that talks with the International Monetary Fund (IMF) have been further delayed as the lender wants to first finalise the macroeconomic framework and then send its mission to Pakistan.

Meanwhile internationally, the dollar pared some of its strong overnight gains on Tuesday after investors flocked to the safe-haven currency on nerves over China’s COVID flare ups, though cautious risk sentiment kept the greenback in demand.

China’s capital warned on Monday that it was facing its most severe test of the COVID-19 pandemic, with a surge in COVID cases sparking fresh restriction measures. Deaths from the virus were also recorded in Beijing for the first time since late May.

The US dollar index was last 0.06% lower at 107.71. It had risen close to 0.8% overnight, the largest daily gain since November 3.

Oil prices, a key indicator of currency parity, rose on Tuesday after top exporter Saudi Arabia said OPEC+ was sticking with output cuts and could take further steps to balance the market, outweighing global recession worries and concern about China’s rising COVID-19 case numbers.

Inter-bank market rates for dollar on Tuesday

BID Rs 223.50

OFFER Rs 224.50

Open-market movement

In the open market, the PKR remained unchanged for both buying and selling against USD, closing at 228.75 and 231, respectively.

Against Euro, the PKR remained unchanged for both buying and selling, closing at 242.50 and 244.50 respectively.

Against UAE Dirham, the PKR lost 30 paisas for both buying and selling, closing at 65.50 and 66, respectively.

Against Saudi Riyal, the PKR lost 30 paisas for both buying and selling, closing at 63.50 and 64, respectively.

Open-market rates for dollar on Tuesday

BID Rs 228.75

OFFER Rs 231