AVN 65.52 Decreased By ▼ -1.18 (-1.77%)
BAFL 29.72 Increased By ▲ 0.22 (0.75%)
BOP 4.05 Decreased By ▼ -0.03 (-0.74%)
CNERGY 3.57 Decreased By ▼ -0.05 (-1.38%)
DFML 11.56 Decreased By ▼ -0.24 (-2.03%)
DGKC 42.03 Decreased By ▼ -1.17 (-2.71%)
EPCL 45.66 Decreased By ▼ -0.33 (-0.72%)
FCCL 11.60 Decreased By ▼ -0.25 (-2.11%)
FFL 5.78 Decreased By ▼ -0.10 (-1.7%)
FLYNG 5.94 Decreased By ▼ -0.13 (-2.14%)
GGL 10.88 Decreased By ▼ -0.37 (-3.29%)
HUBC 67.40 Decreased By ▼ -0.48 (-0.71%)
HUMNL 5.59 Decreased By ▼ -0.05 (-0.89%)
KAPCO 24.38 Decreased By ▼ -0.47 (-1.89%)
KEL 2.11 Decreased By ▼ -0.02 (-0.94%)
LOTCHEM 24.92 Decreased By ▼ -0.08 (-0.32%)
MLCF 24.58 Decreased By ▼ -0.29 (-1.17%)
NETSOL 74.12 Decreased By ▼ -2.08 (-2.73%)
OGDC 84.67 Decreased By ▼ -1.19 (-1.39%)
PAEL 10.61 Decreased By ▼ -0.44 (-3.98%)
PIBTL 3.91 Decreased By ▼ -0.07 (-1.76%)
PPL 64.81 Decreased By ▼ -1.19 (-1.8%)
PRL 12.74 Decreased By ▼ -0.21 (-1.62%)
SILK 0.87 Decreased By ▼ -0.01 (-1.14%)
SNGP 39.41 Decreased By ▼ -1.34 (-3.29%)
TELE 7.06 Decreased By ▼ -0.42 (-5.61%)
TPLP 14.70 Decreased By ▼ -0.39 (-2.58%)
TRG 107.60 Decreased By ▼ -2.85 (-2.58%)
UNITY 13.37 Decreased By ▼ -0.14 (-1.04%)
WTL 1.20 Decreased By ▼ -0.01 (-0.83%)
BR100 4,040 Decreased By -40.6 (-0.99%)
BR30 14,413 Decreased By -217.8 (-1.49%)
KSE100 39,942 Decreased By -434.1 (-1.08%)
KSE30 14,739 Decreased By -177.2 (-1.19%)

Rupee gains 1.04%, closes at 270.51 against US dollar

  • Market optimistic over expected IMF deal
  • Currency could remain under pressure until inflows from bilateral and multilateral institutions are materialised
Published February 9, 2023
Follow us

The Pakistani rupee maintained an upward momentum against the US dollar, as it appreciated 1.04% in the inter-bank market on Thursday amid expectations of the resumption of the International Monetary Fund (IMF) programme.

As per the State Bank of Pakistan (SBP), the currency closed at 270.51 against the US dollar, an increase of Rs2.82. The currency has depreciated by 23.7% during the ongoing fiscal year against the greenback.

The rupee had also made significant strides against the US dollar on Wednesday, closing at 273.33 against the US dollar, an appreciation of Rs2.95 or 1.08%.

The appreciation is “happening amid hope an IMF staff-level agreement will happen soon,” said Mohammed Sohail, CEO Topline Securities in a note.

Fahad Rauf, Head of Research at Ismail Iqbal Securities Limited, told Business Recorder reports suggest the IMF will submit its Memorandum of Economic and Financial Policies to the Pakistani authorities today, “leading to expectations the IMF programme will be resumed soon”.

The expert said that the resumption of the stalled programme would be a sentiment booster for the market. “However, the currency would remain under pressure until inflows from bilateral and multilateral institutions are materialised.”

“Unless we see surplus inflows there wouldn’t be sustainable appreciation,” he added.

In a key development, Finance Minister Ishaq Dar said on Thursday negotiations between Pakistan and the IMF are “on track” and “we will announce good news soon”.

Speaking to media, Dar said talks between the two sides had entered the final round, progress has been “satisfactory” and he hopes discussions will wrap up today.

Earlier, Minister of State for Finance Dr Aisha Ghaus Pasha said some understanding has been reached with the IMF and some clearance has also been secured at the prime minister level.

She acknowledged that the IMF wants more clearance on some issues but said discussions are moving in a positive direction and the government’s entire focus during the negotiations has been on protecting the common man.

Internationally, the US dollar was little changed on Thursday as investors looked ahead to next week’s US inflation data and digested comments from a slew of Federal Reserve officials who said modest interest rate rises were on the way.

The dollar index, which measures the US currency against six rivals, was 0.029% higher on Thursday at 103.460, having dropped nearly 0.3% in the previous session.

Gold prices, rose for a fourth straight session as the dollar faltered, although bullion’s outlook remained cloudy amid the comments made by Fed officials.

Meanwhile, oil prices, a key indicator of currency parity, were broadly steady on Thursday as the prospect of higher fuel demand in China as it reopens post-COVID curbs were offset by fears that US crude stocks hitting their highest for months may signal weakening demand in the world’s number one economy.

Inter-bank market rates for dollar on Thursday

BID Rs 270.50

OFFER Rs 272.50

Open-market movement

In the open market, the PKR gained 2 rupees for buying and one rupee for selling against USD, closing at 276 and 279, respectively.

Against Euro, the PKR gained 2 rupees for buying and 1.50 rupees for selling, closing at 292.50 and 295.50 respectively.

Against UAE Dirham, the PKR gained 90 paisas for buying and 80 paisas for selling, closing at 74.80 and 75.50, respectively.

Against Saudi Riyal, the PKR gained 70 paisas for buying and 80 paisas for selling, closing at 73 and 73.50, respectively.

Open-market rates for dollar on Wednesday

BID Rs 270.50

OFFER Rs 273.50


Comments are closed.

KhanRA Feb 09, 2023 11:29pm
The rupee would probably be worth 240-250 per dollar without this shortage of force reserves, even now then REER value is close to 260. Which begs the question why Dar depleted SBO reserves just the boost the rupee by less than 10% in the first place. It was completely nonsensical. He destroyed foreign exchange reserves for no benefit. This is the power of nepotism - it gives incompetent fools real power.
thumb_up Recommended (0)

Rupee gains 1.04%, closes at 270.51 against US dollar

SBP-held forex reserves increase $280mn, now stand at $4.6bn

KSE-100 ends below 40,000 level amid IMF uncertainty

IMF seeks financial assurances before taking 'next step with Pakistan'

Pakistani professionals struggle with higher costs as economy teeters

LHC extends Imran Khan's protective bail in 5 cases till March 27

Remarks on woman judge: Islamabad court changes Imran’s non-bailable arrest warrant into bailable one

Pakistan’s logistics startup Trax says it has raised $3.7mn in seed funding

Import restrictions: Indus Motor suspends production again

Indian opposition dealt major blow as parliament bars Congress leader Gandhi

Barrister Shehzad Ata Elahi resigns as Attorney-General