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The Pakistani rupee maintained its positive momentum against the US dollar for the fifth successive session, appreciating 0.36% in the inter-bank market on Monday.

As per the State Bank of Pakistan (SBP), the currency closed at 261.88 against the US dollar, an increase of Re0.94. Despite the gains, the currency has still depreciated 21.4% during the ongoing fiscal year against the greenback.

During the previous week, the rupee appreciated 2.45%, reportedly helped by realisation of export proceeds and higher inflow of remittances through legal channels, to settle at 262.82 against the US dollar.

During the week, the SBP also reported a slight increase in foreign exchange reserves, which clocked in at $3.19 billion.

However, the market is keenly awaiting revival of the International Monetary Fund (IMF) programme before which any positive movement in the currency is going to be short-lived.

Globally, the dollar was on the frontfoot on Monday, supported by a strong run of economic data out of the United States that traders bet will keep the Federal Reserve on its monetary policy tightening path for longer than initially expected.

A slew of data out of the world’s largest economy in recent weeks pointing to a still-tight labour market, sticky inflation, robust retail sales growth and higher monthly producer prices, have raised market expectations that the US central bank has more to do in taming inflation, and that interest rates would have to go higher.

The US dollar index rose 0.05% to 104.03, and is up nearly 2% for the month so far, keeping it on track for its first monthly gain since last September.

Oil prices, a key indicator of currency parity, were little changed in early Asian trade on Monday, after settling down $2 a barrel on Friday, as rising supplies in the United States and forecasts of more interest rate hikes cooled optimism over China’s demand recovery.

Inter-bank market rates for dollar on Monday

BID Rs 261.85

OFFER Rs 263.85

Open-market movement

In the open market, the PKR gained 25 paisa for buying and selling against USD, closing at 264.75 and 267.75, respectively.

Against Euro, the PKR remained unchanged for buying and selling, closing at 278.50 and 281.50 respectively.

Against UAE Dirham, the PKR lost 10 paisa for buying and remained unchanged for selling, closing at 72.80 and 73.50, respectively.

Against Saudi Riyal, the PKR lost 20 paisa for buying and selling, closing at 70.00 and 70.70, respectively.

Open-market rates for dollar on Monday

BID Rs 264.75

OFFER Rs 267.75

Comments

Comments are closed.

Fazeel Siddiqui (Overseas Pakistani) Feb 20, 2023 11:57am
Defense Minister Khwaja Asif said, Pakistan not only defaulting but already defaulted but no impact on currency market while all other indicator also going opposite and PKR keep marching up. This in clear sign that SBP is artificially manipulating PKR just to show that how Darknomics freed PKR and machoman policies brought it back to "real value" around 240. Remember what happened when Maryan Nawaz gave simple statement at time of Miftah and USD acted to market sentiments.
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Fazeel Siddiqui (Overseas Pakistani) Feb 20, 2023 12:47pm
The takeaway truth is, PMD govt freed the PKR up to certain level to show IMF as well as public, using this as excuse hiked prices of petroleum & energy, hiked sales tax and other commodity prices this all will result in huge tax money to govt by squeezing the weak public. On the other side Darknomics again artificially lowering PKR rate, defying market principles to give unfair 25-50% lower rate to Overseas Pakistanis on remittances & to exporters on trade proceeds, this cheap dollar will be used for subsidized imports for importers profiteering & high import taxes revenue. The cheap dollars will deliberately be made available for corruption money haven, for smuggling and for money laundering by people like Malik Riaz proxy of establishment. Is Pakistan for 75 years run by economists or by "conjurers"? This country will never be a going concern the way "men with stick" want.
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Muhammad Bilal Feb 20, 2023 04:45pm
Chakwal
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Muhammad Bilal Feb 20, 2023 04:45pm
Muhammad Bilal
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Rogen Feb 20, 2023 08:54pm
Just consolidating as it gets ready for the next butt-kicking which will take it beyond 300.
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