Rupee largely stable against US dollar, settles at 283.55
- Currency appreciates 0.01% in the inter-bank market
The Pakistani rupee remained relatively unchanged against the US dollar, appreciating 0.01% in the inter-bank market on Tuesday.
As per the State Bank of Pakistan (SBP), the rupee settled at 283.55, a gain of Re0.03.
The rupee has lost over 20.2% of its value against the greenback during this calendar year. A day earlier, the rupee settled at 283.58 in the inter-bank market, a decrease of Re0.38 or 0.13%.
In a key development, the SBP on Monday reported that foreign investors repatriated $225.1 million during July-Feb of FY23 as compared to $1.146 billion during the same period of last year, depicting a decline of 80% or $921 million.
Analysts said the massive decline in repatriation of profit and dividend reflects that earnings of foreign companies have been down drastically due to poor economic conditions.
Globally, the US dollar slid for a second day against major peers on Tuesday as receding fears of a full-blown banking crisis sapped demand for the safest assets.
The US dollar index - which gauges the currency against six peers, including the yen - declined 0.14% to 102.6 during Asian trading, extending Monday’s 0.35% drop.
The dollar index reached a three-month high of 105.88 on March 8, before sliding as low as 101.91 last week as risk sentiment waxed and waned with the banking headlines.
Oil prices, a key indicator of currency parity, retreated on Tuesday after rallying the previous session, with markets focused on developments in the banking crisis and indications of strengthening demand in China.
Inter-bank market rates for dollar on Tuesday
BID Rs 283.50
OFFER Rs 285.50
Open-market movement
In the open market, the PKR gained 50 paisa for both buying and selling against USD, closing at 283 and 286, respectively.
Against Euro, the PKR lost 2.50 rupees for both buying and selling, closing at 304.50 and 307.50 respectively.
Against UAE Dirham, the PKR lost 5 paisa for buying and 10 paisa for selling, closing at 77.25 and 78.00, respectively.
Against Saudi Riyal, the PKR remained unchanged for both buying and selling, closing at 75.80 and 76.50, respectively.
Open-market rates for dollar on Tuesday
BID Rs 283
OFFER Rs 286
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