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Markets

19th successive loss: rupee falls against US dollar

  • Currency loses Re0.19 to close at 228.34 in the inter-bank market
Published January 16, 2023

Pakistan’s rupee registered a fall against the US dollar for the 19th consecutive session, depreciating 0.08% in the inter-bank market on Monday.

As per the State Bank of Pakistan (SBP), the rupee declined by Re0.19 to close at 228.34. During the ongoing fiscal year, the rupee has depreciated 10.33% against the greenback.

18th straight loss: rupee falls marginally against US dollar

During the previous week, the rupee depreciated in all five sessions against the US dollar, falling 0.44% to settle at 228.15 in the inter-bank market.

A drastic fall in foreign exchange was also reported on Thursday, with State Bank of Pakistan (SBP) reserves hitting the $4.3-billion mark after debt repayment of over $1.2 billion.

While Pakistan managed to secure a rollover of $2 billion and the UAE also announced an additional loan of $1 billion, inflows have yet to materialise, underscoring the importance of reviving the stalled International Monetary Fund (IMF) programme.

Governor of SBP Jameel Ahmad during the week assured the business community of resolving the issue of restrictions on dollars soon, as manufacturers projected dim prospects regarding industrial production if import of raw materials remains blocked.

On Sunday, federal government kept the prices of all petroleum products unchanged by adjusting rates of petroleum levy (PL) with effect from January 16.

Internationally, the dollar fell to a seven-month low against major peers on Monday while the yen spiked to an over seven-month peak as traders ramped up bets that the Bank of Japan may make further tweaks to its yield control policy at its meeting this week.

Against a basket of currencies, the US dollar index slumped 0.46% to a seven-month trough at 101.79, as the greenback extended its selloff from last week after data showed that U.S consumer prices fell for the first time in more than 2-1/2 years in December.

With decades-high inflation in the world’s largest economy showing signs of cooling, investors are now betting that the Fed may be nearing the end of its rate-hike cycle, and that rates would not go as high as previously feared.

Oil prices, a key indicator of currency parity, eased on Monday, though held near 2023 highs, as rising numbers of COVID-19 cases in China clouded prospects for higher demand in at the world’s top crude importer as it reopens after ending strict anti-virus curbs.

Inter-bank market rates for dollar on Monday

BID Rs 228.35

OFFER Rs 229.35

Open-market movement

In the open market, the PKR lost 25 paisas for both buying and selling against USD, closing at 236.50 and 238.75, respectively.

Against Euro, the PKR gained remained unchanged for both buying and selling, closing at 269 and 271 respectively.

Against UAE Dirham, the PKR lost 20 paisas for buying and 10 paisas for selling, closing at 68 and 68.50, respectively.

Against Saudi Riyal, the PKR remained unchanged for both buying and selling, closing at 65.90 and 66.50, respectively.

Open-market rates for dollar on Monday

BID Rs 236.50

OFFER Rs 238.75

Comments

Comments are closed.

Salim Jan 16, 2023 12:28pm
Dar dreaming @ 200
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Kashif ALI Jan 16, 2023 02:50pm
The economic indicators strongly suggest that Rupee needs to be devalued to 240 to 245 per dollar immediately. REER also suggests that Rupee is overvalued, given the macro and micro economic indicators. This will help kill the grey FX market, channelize the remittances back to Banks and also mitigate the worries of importers. On the other hand, the political government will never realize but the business community must wake up to the reality that their export industry or local industry should be dependent less and less on imported raw materials and more on indigenous input materials. The imports should be restricted to spare parts and other such maintenance material that we can't recover from our domestic sources (the biggest example is Power Generation sector and big or small process industry that are perpetually dependent upon imported services and materials for maintenance of their machinery and plants).
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Rana Mohummad Asif Jan 16, 2023 06:01pm
We hitted deep by the restrictions of usd because banks didn't allow to approve our imports eif and because of that we hit a huge amount of demerage and detentions which is really unfortunate for all businesses. Also will came badly the situation in the country regarding the prices hike.
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