AVN 67.60 Increased By ▲ 0.50 (0.75%)
BAFL 30.99 Decreased By ▼ -0.01 (-0.03%)
BOP 4.91 Increased By ▲ 0.01 (0.2%)
CNERGY 3.74 Decreased By ▼ -0.04 (-1.06%)
DFML 14.03 Decreased By ▼ -0.40 (-2.77%)
DGKC 41.11 Decreased By ▼ -0.74 (-1.77%)
EPCL 46.58 Increased By ▲ 0.01 (0.02%)
FCCL 11.60 Decreased By ▼ -0.09 (-0.77%)
FFL 5.03 Decreased By ▼ -0.04 (-0.79%)
FLYNG 5.85 Increased By ▲ 0.05 (0.86%)
GGL 10.34 Decreased By ▼ -0.08 (-0.77%)
HUBC 68.04 Increased By ▲ 0.04 (0.06%)
HUMNL 5.74 Decreased By ▼ -0.02 (-0.35%)
KAPCO 28.02 Decreased By ▼ -0.08 (-0.28%)
KEL 2.26 Decreased By ▼ -0.03 (-1.31%)
LOTCHEM 25.02 Decreased By ▼ -0.03 (-0.12%)
MLCF 21.45 Decreased By ▼ -0.24 (-1.11%)
NETSOL 87.66 Increased By ▲ 1.66 (1.93%)
OGDC 99.30 Increased By ▲ 6.92 (7.49%)
PAEL 11.00 Decreased By ▼ -0.09 (-0.81%)
PIBTL 4.26 Increased By ▲ 0.02 (0.47%)
PPL 81.12 Increased By ▲ 0.97 (1.21%)
PRL 13.23 Decreased By ▼ -0.41 (-3.01%)
SILK 0.88 Decreased By ▼ -0.02 (-2.22%)
SNGP 43.85 Increased By ▲ 0.38 (0.87%)
TELE 6.12 Increased By ▲ 0.16 (2.68%)
TPLP 15.66 Decreased By ▼ -0.07 (-0.45%)
TRG 118.99 Increased By ▲ 3.98 (3.46%)
UNITY 14.01 Increased By ▲ 0.16 (1.16%)
WTL 1.23 Increased By ▲ 0.07 (6.03%)
BR100 4,171 Increased By 47 (1.14%)
BR30 15,253 Increased By 323.5 (2.17%)
KSE100 41,523 Increased By 332 (0.81%)
KSE30 15,663 Increased By 168.9 (1.09%)
Markets

26th successive fall: rupee depreciates against US dollar

  • Currency loses Re0.49 to close at 230.89 in inter-bank market
Published January 25, 2023
Follow us

Pakistan’s rupee continued to fall against the US dollar for the 26th straight session, and depreciated 0.21% in the inter-bank market on Wednesday.

As per the State Bank of Pakistan (SBP), the rupee declined by Re0.49 to close at 230.89. During the ongoing fiscal year, the rupee has depreciated 11.44% against the greenback.

On Tuesday, the rupee had registered a loss for the 25th consecutive session against the US dollar to settle at 230.40 after a decrease of Re0.25 or 0.11%.

In a key development, the Exchange Companies Association of Pakistan (ECAP) announced removal of price cap on the exchange rate, a move aimed at ensuring availability of the greenback in the market.

ECAP President Malik Bostan hoped that after removal of the cap, dollars will be available and the black market will end.

“We have to fight against the black market and the only solution is we should sell the dollar at the market rate as soon as people start getting dollars,” the chairman ECAP said.

Globally, the dollar ticked up on Wednesday in subdued trading as investors looked towards the Federal Reserve’s policy decision next week, while the euro slipped from near a nine-month high.

The euro was down 0.12% against the dollar at $1.088, just off the $1.093 level reached on Friday, which was the highest since early May. Meanwhile, the dollar was up 0.1% against the yen, at 130.28 yen per dollar, having hit an 8-month low of 127.22 on Jan.

Against a basket of currencies, the US dollar index was up 0.11% to 102.02 on Wednesday.

Crude oil prices, a key indicator of currency parity, inched higher on Wednesday as optimism for a demand recovery in China and expectations that major producers will maintain current output policy offset global recession worries.

Inter-bank market rates for dollar on Wednesday

BID Rs 230.90

OFFER Rs 231.90

Open-market movement

In the open market, the PKR lost 2.10 rupees for buying and 2.25 rupees for selling against USD, closing at 240.60 and 243, respectively.

Against Euro, the PKR lost 50 paisas for both buying and selling, closing at 273 and 275.50 respectively.

Against UAE Dirham, the PKR lost 30 paisas for both buying and selling, closing at 70.30 and 70.80, respectively.

Against Saudi Riyal, the PKR lost 40 paisas for both buying and selling, closing at 67.50 and 68, respectively.

Open-market rates for dollar on Wednesday

BID Rs 240.60

OFFER Rs 243

Comments

Comments are closed.

Ahmed Nawaz Abbasi Jan 27, 2023 10:24am
What a great term ، successive fall,
thumb_up Recommended (0)

26th successive fall: rupee depreciates against US dollar

FY24 budget: FBR invites proposals on income tax

Earthquake rescue work moves slowly in Turkiye, Syria as death toll passes 5,000

Rupee falls 0.35%, settles at 276.28 against US dollar

Dar inducts four new members into ‘RRMC’

AIIB chief economist briefed about state of economy

Government postpones All Parties Conference again as PM will be in Turkiye

Reason behind cut in PSDP disbursement identified

LCCI says wants ‘charter of economy’, not elections

Rs 417bn received by KP: Cabinet decides to conduct audit

KSE-100 rises 0.81% on optimism over resolution of gas sector circular debt