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Markets

22nd consecutive decline: rupee depreciates against US dollar

  • Currency loses Re0.24 to close at 229.15 in the inter-bank market
Published January 19, 2023

Pakistani rupee maintained its downward trajectory against the US dollar for the 22nd straight session, as it depreciated 0.10% in the inter-bank market on Thursday.

As per the State Bank of Pakistan (SBP), the rupee declined by Re0.24 to close at 229.15. During the ongoing fiscal year, the rupee has depreciated 10.68% against the greenback.

On Wednesday, the rupee had registered a loss for the 21st consecutive session against the US dollar to settle at 228.91 after a decrease of Re0.25 or 0.11%.

Governor State Bank of Pakistan (SBP) Jameel Ahmad on Wednesday expressed optimism that Pakistan’s foreign exchange reserves position will improve as the country is expected to witness inflows of funds in the coming days.

Ahmad said that the UAE has rolled over $2 billion loan and assured businessmen of facilitating imports on a suppliers’ credit.

Moreover, Pakistan’s current account deficit declined sharply 60% during the first half of this fiscal year (FY23) mainly due to a lower import bill.

According to the SBP, the current account recorded a deficit of $ 3.67 billion during July-Dec of FY23 compared to $9.09 billion in the same period of last fiscal year (FY22), a decline of $5.42 billion.

However, Foreign Direct Investment (FDI) into the country remained on a downward trend and fell by 59% during the first half of this fiscal year (FY23).

Globally, the dollar rose broadly on Thursday as growth concerns about the US economy drove demand for the safe-haven greenback. At the same time, the yen renewed its ascent as investors doubled down on bets that the Bank of Japan would shift away from its yield curve control policy.

Weak US data released on Wednesday showed that US retail sales fell by the most in a year in December and manufacturing output recorded its most significant drop in nearly two years, stoking fears that the world’s largest economy is headed for a recession.

Against a basket of currencies, the US dollar index rose 0.09% to 102.42.

Oil prices, a key indicator of currency parity, fell by nearly $1 on Thursday, extending losses from the previous day, as a surprise jump in US crude stocks weighed on the market along with fears of a recession that were heightened by disappointing US retail sales and output data.

Inter-bank market rates for dollar on Thursday

BID Rs 229.15

OFFER Rs 230.15

Open-market movement

In the open market, the PKR lost 50 paisas for both buying and selling against USD, closing at 237.25 and 239.50, respectively.

Against Euro, the PKR remained unchanged for buying while losing 50 paisas for selling, closing at 269 and 271.50 respectively.

Against UAE Dirham, the PKR lost 40 paisas for both buying and selling, closing at 68.80 and 69.40, respectively.

Against Saudi Riyal, the PKR lost 30 paisas for both buying and selling, closing at 66.50 and 67, respectively.

Open-market rates for dollar on Thursday

BID Rs 237.25

OFFER Rs 239.50

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