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Pakistan’s rupee registered a marginal loss for the third consecutive session against the US dollar on Wednesday, as the currency recorded a depreciation of 0.02% in the inter-bank market.

As per the State Bank of Pakistan (SBP), the rupee closed at 224.16 after a decrease of Re0.05. The rupee has depreciated by 21.25% against the US dollar during the ongoing calendar year.

On Tuesday, the rupee had registered losses against the US dollar to settle at 224.11 after a decrease of Re0.20 or 0.09%.

In a key development on Tuesday, the Finance Division rejected reports of supposed economic emergency proposals circulating on social media, categorically stating it has no such plans.

The Finance Division in its message said the reports are "unfortunately aimed at creating uncertainty about the economic situation in the country".

Globally, the dollar crept higher on Wednesday as top executives from the biggest US banks warned of an impending recession, which dampened risk appetite and kept the greenback supported.

Top bankers from JPMorgan Chase & Co, Bank of America and Goldman Sachs said overnight that the banks are bracing for a worsening economy next year, as inflation threatens consumer demand.

Against a basket of currencies, the US dollar index was last 0.05% higher at 105.60.

It had risen nearly 0.3% overnight, extending a brief rally for a second straight session after upbeat US services and factory data released at the start of the week pointed to underlying momentum in the world’s largest economy.

Oil prices, a key indicator of currency parity, fell in a volatile market on Tuesday as the US dollar stayed strong and economic uncertainty offset the bullish impact of a price cap placed on Russian oil and the prospects of a demand boost in China.

Inter-bank market rates for dollar on Wednesday

BID Rs 224.25

OFFER Rs 225.25

Open-market movement

In the open market, the PKR lost 46 paisas for buying and 50 paisas for selling against USD, closing at 229.71 and 232, respectively.

Against Euro, the PKR gained 50 paisas for both buying and selling, closing at 249 and 251 respectively.

Against UAE Dirham, the PKR gained 20 paisas for both buying and selling, closing at 65.30 and 65.80, respectively.

Against Saudi Riyal, the PKR remained unchanged for both buying and selling, closing at 63.20 and 63.70, respectively.

Open-market rates for dollar on Wednesday

BID Rs 229.71

OFFER Rs 232

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Salim Dec 07, 2022 11:57am
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