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Rupee recovers, settles at 280.77 against US dollar

  • Currency records appreciation of 0.54% in inter-bank market
Published March 10, 2023

After back-to-back losses, the Pakistani rupee found some respite against the US dollar, appreciating 0.54% in the inter-bank market on Friday.

As per the State Bank of Pakistan (SBP), the rupee settled at 280.77, an increase of Rs1.53.

The improvement comes after the rupee remained at the receiving end against the US dollar, closing at 282.3, a decline of Rs3.18 or 1.13% in the inter-bank market on Thursday.

“Since the departure of the International Monetary Fund (IMF) from Pakistan, delays regarding inking the staff-level agreement (SLA) have caused a loss of confidence in the market,” Arsalan Siddiqui, Head of Research at Optimus Research, told Business Recorder.

Citing Sri Lanka’s case, the analyst said it took IMF board over six months to consider approval of a long-awaited $2.9 billion four-year bailout agreement with the island nation. “That was after Sri Lanka secured financing assurances from all major bilateral creditors. Similar appears to be the case with Pakistan,” he said.

“Moreover, the current IMF programme would end in June. What happens after that as elections are expected during this period has also added to the uncertainty,” he added.

The market expert said that until the IMF agreement is secured, the ongoing “if and but” situation is likely to persist in the market.

In a positive development, foreign exchange reserves held by the State Bank of Pakistan (SBP), on the back of another loan from China, increased by $487 million, clocking in at $4.3 billion as of March 3, data released on Thursday showed.

Moreover, Finance Minister Ishaq Dar on Thursday said once again that a staff-level agreement with the International Monetary Fund (IMF) is expected to be inked in the next few days.

Globally, the dollar paused its ascent on Friday after a rise in jobless claims in the United States implied possibly easing conditions in the labour market and tempered expectations of further aggressive rate hikes from the Federal Reserve.

The Fed funds rate is projected to peak just below 5.5% by July. Against a basket of currencies, the US dollar index fell 0.12% to 105.12 but remained on track for a weekly gain of nearly 0.6%.

Data released on Thursday showed that the number of Americans filing new claims for unemployment benefits increased by the most in five months last week, though the underlying trend remained consistent with a tight labour market.

Oil prices, a key indicator of currency parity, fell for a fourth session on Friday, heading for its biggest weekly loss in five weeks on worries about the prospect of steep interest rate hikes in the United States hitting fuel demand.

Inter-bank market rates for dollar on Friday

BID Rs 280.75

OFFER Rs 283.75

Open-market movement

In the open market, the PKR gained 50 paisa for buying and 1.50 rupee for selling against USD, closing at 281 and 283, respectively.

Against Euro, the PKR remained unchanged for both buying and selling, closing at 294.00 and 297.00 respectively.

Against UAE Dirham, the PKR remained unchanged for both buying and selling, closing at 76.50 and 77.20, respectively.

Against Saudi Riyal, the PKR gained 10 paisa for buying and 20 paisa for selling, closing at 74.50 and 75.10, respectively.

Open-market rates for dollar on Friday

BID Rs 281.00

OFFER Rs 283.00


1000 characters
Lowell Mar 10, 2023 03:57pm
The Dark Dar Effect! Garbage in Garbage out!
thumb_up Recommended (0) reply Reply
Naveed awan Mar 10, 2023 04:21pm
May Allah keep Pakistan under His mercy
thumb_up Recommended (0) reply Reply
Haroon Mar 10, 2023 07:08pm
State Bank needs to think long-term and should realize the need to hike interest rates now. Pakistanis are speculating and buying dollars. You cannot clamp down on it administratively as economy is too big to control. Simple solution is hike interest rates, so people hold rupees.
thumb_up Recommended (0) reply Reply

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