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Pakistan’s rupee fell marginally against the US dollar, depreciating 0.01% in the inter-bank market on Friday.

As per the State Bank of Pakistan (SBP), the rupee closed at 223.94 after a decrease of Re0.02.

On Thursday, the rupee had registered a marginal depreciation against the US dollar to settle at 223.92 after a drop of Re0.11 or 0.05%.

The meeting of the Monetary Policy Committee (MPC) of the SBP was scheduled to be held to take a decision on the key policy rate. It raised the rate by 100 basis points, it was announced after close of markets.

“The currency has been trading in a range between Rs218/USD and Rs224/USD since the last MPC held on October 10, 2022. However, the volatility earlier seen in the inter-bank rates has shifted to the open and black markets, where spreads have reached Rs8-10 on every USD,” said AKD Securities in its latest report.

Moreover, foreign exchange reserves held by the central bank decreased $134 million on a weekly basis, clocking in $7.83 billion as of November 18, 2022, according to data released on Thursday.

Internationally, the dollar stood close to a three-month low and was on track for a weekly loss on Friday, as the prospect of the Federal Reserve slowing monetary policy tightening as soon as December dominated investors' minds and kept the mood buoyant.

The Fed's aggressive interest rate hikes and market expectations of how high the central bank could take them have been a massive driver of the dollar's 10% surge this year.

Against a basket of currencies, the US dollar index stood at 105.94, testing its three-month trough of 105.30 hit last week. It was headed for a weekly loss of nearly 1%.

Oil prices, a key indicator of currency parity, rose in Asia on Friday, despite thin market liquidity, after a week marked by worries about Chinese demand and haggling over a Western price cap on Russian oil.

Inter-bank market rates for dollar on Friday

BID Rs 224

OFFER Rs 225

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 lost 50 paisas for both buying and selling, closing at 246.50 and 248.50 respectively.

Against UAE Dirham, the PKR gained 10 paisas for both buying and selling, closing at 65.70 and 66.35, respectively.

Against Saudi Riyal, the PKR gained 10 paisas for both buying and selling, closing at 63.70 and 64.30, respectively.

Open-market rates for dollar on Friday

BID Rs 228.75

OFFER Rs 231

Comments

1000 characters
Pakistani1 Nov 25, 2022 10:28pm
Until the government keeps the rate close to the market rate, various issues will not go away. Specially overseas Pakistanis will use the non official channels to send their small but cumulatively huge amount of remittances. This only hurts Pakistan and benefits the individuals.
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