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Markets

Rupee remains under pressure against US dollar

  • Currency settles with depreciation of 0.1% in the inter-bank market on Friday
Published December 16, 2022

After witnessing marginal appreciation in the opening hours of trading, Pakistan’s rupee ended the week with a loss of 0.1% against the US dollar in the inter-bank market on Friday.

As per the State Bank of Pakistan (SBP), the rupee closed at 224.94 after a decline of Re0.23. The rupee has depreciated by 21.57% against the US dollar during the ongoing calendar year.

On Thursday, the rupee ended unchanged against the US dollar to settle at 224.71 in the inter-bank market.

However, inter-bank market rates have by and large remained irrelevant amid the prevalence of a 'grey market', where sources suggest trades are happening at over Rs245-250 to the US dollar.

Globally, the safe-haven dollar held just below the month’s high against the yen on Friday and maintained overnight gains versus other peers amid growing worries that continued monetary tightening at the world’s biggest central banks could trigger a recession.

A day earlier, the US Federal Reserve also tightened policy, with Chair Jerome Powell adding policymakers expected rates to rise higher and stay elevated for longer.

The dollar index, which gauges the currency against the euro, yen and four other peers, edged 0.06% lower to 104.45 in early Asia trading, but following a 0.85% surge overnight, its biggest since late September.

Oil prices, a key indicator of currency parity, fell on Friday as the market assessed the aftermath of interest rates hikes at central banks, but was poised for the biggest weekly gains in 10 weeks amid supply disruption concerns and hopes for a recovery of demand in China.

Inter-bank market rates for dollar on Friday

BID Rs 225

OFFER Rs 226

Open-market movement

In the open market, the PKR remained unchanged for both buying and selling against USD, closing at 231.70 and 234, respectively.

Against Euro, the PKR lost one rupee for both buying and selling, closing at 256 and 258 respectively.

Against UAE Dirham, the PKR lost 20 paisas for both buying and selling, closing at 67.30 and 67.80, respectively.

Against Saudi Riyal, the PKR remained unchanged for both buying and selling, closing at 64.30 and 64.80, respectively.

Open-market rates for dollar on Friday

BID Rs 231.70

OFFER Rs 234


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