AGL 38.31 Decreased By ▼ -0.52 (-1.34%)
AIRLINK 141.40 Decreased By ▼ -2.00 (-1.39%)
BOP 5.64 Increased By ▲ 0.40 (7.63%)
CNERGY 3.87 Increased By ▲ 0.15 (4.03%)
DCL 7.56 Decreased By ▼ -0.02 (-0.26%)
DFML 47.40 Increased By ▲ 1.00 (2.16%)
DGKC 79.75 Decreased By ▼ -1.13 (-1.4%)
FCCL 27.44 Increased By ▲ 0.02 (0.07%)
FFBL 54.85 Decreased By ▼ -0.15 (-0.27%)
FFL 8.60 Increased By ▲ 0.04 (0.47%)
HUBC 113.51 Increased By ▲ 2.49 (2.24%)
HUMNL 11.20 Decreased By ▼ -0.22 (-1.93%)
KEL 3.99 Increased By ▲ 0.22 (5.84%)
KOSM 8.54 Increased By ▲ 0.21 (2.52%)
MLCF 35.00 Decreased By ▼ -0.20 (-0.57%)
NBP 63.80 Increased By ▲ 2.45 (3.99%)
OGDC 169.40 Decreased By ▼ -2.50 (-1.45%)
PAEL 25.18 Decreased By ▼ -0.60 (-2.33%)
PIBTL 5.89 Decreased By ▼ -0.08 (-1.34%)
PPL 125.75 Decreased By ▼ -1.80 (-1.41%)
PRL 24.79 Decreased By ▼ -0.79 (-3.09%)
PTC 13.26 Increased By ▲ 1.11 (9.14%)
SEARL 57.45 Increased By ▲ 0.45 (0.79%)
TELE 7.12 Increased By ▲ 0.02 (0.28%)
TOMCL 35.00 Increased By ▲ 0.20 (0.57%)
TPLP 7.45 Increased By ▲ 0.50 (7.19%)
TREET 14.32 Increased By ▲ 0.47 (3.39%)
TRG 46.54 Decreased By ▼ -0.51 (-1.08%)
UNITY 26.18 Increased By ▲ 0.13 (0.5%)
WTL 1.20 Decreased By ▼ -0.01 (-0.83%)
BR100 9,091 Decreased By -2.4 (-0.03%)
BR30 27,347 Increased By 28.9 (0.11%)
KSE100 85,669 Increased By 5.3 (0.01%)
KSE30 27,216 Decreased By -224.9 (-0.82%)

The Pakistani rupee continued to gain against the US dollar, appreciating 0.18% in the inter-bank market on Friday.

According to the State Bank of Pakistan (SBP), the local currency settled at 284.40, an increase of Re0.51.

This comes a day after the rupee maintained its upward trajectory, settling at 284.91 in the inter-bank market after a gain of Rs1.71 or 0.60%.

In a major development towards revival of the stalled bailout programme, United Arab Emirates (UAE) authorities have assured the International Monetary Fund (IMF) that it will provide $1 billion as bilateral support to Pakistan, said Finance Minister Ishaq Dar on Friday.

Pakistan was required to give an assurance that its balance of payments deficit is fully financed for the remaining period of the IMF programme that has been stalled since November last year.

The finance minister later confirmed that Pakistan would receive another $300 million from the Industrial and Commercial Bank of China Ltd (ICBC) on Friday.

Pakistan has already received $1 billion from the Chinese institution.

Internationally, the US dollar languished near a two-month low against major peers on Friday while the euro flirted with a one-year peak, as traders ramped up expectations of an imminent end to the US Federal Reserve’s rate-hike cycle on signs of cooling inflation.

Data from the US Labor Department on Thursday showed the producer price index (PPI) fell by the most in nearly three years last month, coming a day after inflation data pointed to moderation in consumer prices.

The greenback took another leg down following Thursday’s data release, with the dollar index sinking to a two-month low of 100.84 in the previous session

Oil prices, a key indicator of currency parity, rose on Friday on worries over tightening supply, with the market looking ahead to the International Energy Agency’s (IEA) monthly report later in the day to clarify the global demand outlook.

Inter-bank market rates for dollar on Friday

BID Rs 284.40

OFFER Rs 287.00

Open-market movement

In the open market, the PKR gained 2 rupees for both buying and selling against USD, closing at 287 and 290, respectively.

Against Euro, the PKR lost 2.50 rupees for both buying and selling, closing at 314 and 317 respectively.

Against UAE Dirham, the PKR gained 80 paisa for both buying and selling, closing at 78.30 and 79.00, respectively.

Against Saudi Riyal, the PKR gained 10 paisa for both buying and selling, closing at 76.00 and 76.70, respectively.

Open-market rates for dollar on Friday

BID Rs 287

OFFER Rs 290

Comments

Comments are closed.

Tulukan Mairandi Apr 14, 2023 11:49am
These needles, as they are known in the industry are mirages. The basic fact is the PKR is falling like a rock, and it is worsened by Dar instructing printing of more PKR.
thumb_up Recommended (0)
Umer Farooq Apr 14, 2023 12:12pm
No
thumb_up Recommended (0)
Nadeem Apr 14, 2023 12:14pm
Tulukan Mairandi bahi pakistani e ho na ? Bht shuq hai apko pakistan k default hne ka
thumb_up Recommended (0)
Faisal اعلی Apr 14, 2023 12:20pm
Best
thumb_up Recommended (0)
MD Rasel mia Apr 14, 2023 12:46pm
Allhamdolilla
thumb_up Recommended (0)
Ali Khan Apr 14, 2023 02:22pm
@Tulukan Mairandi, After IMF deal the rupee will most likely hover in the range of 230 or lower than this , which is the actual stabilized value of PKR. So these are not mirages but a step in the right direction.
thumb_up Recommended (0)
Ghulam Mujtaba Apr 14, 2023 02:57pm
@Ali Khan , I think After Staff Level agreement with IMF ,PKR will maintain in Range of 260 to 265
thumb_up Recommended (0)
Abdulrehman Haroon Apr 14, 2023 03:22pm
I personally believe the 265-270 range is realistic once the IMF agreement has been signed.
thumb_up Recommended (0)
Tulukan Mairandi Apr 14, 2023 03:36pm
After default (which is a "when" not "if"), PKR will be around 4,000 per USD. IMF's 2 billion will be sufficient just to pay a small piece of Iron Brother China loan. But we seem to think IMF loan is the answer to everything. If you wanna dream that IMF will fix our problems, maybe it's more realistic to dream that we will find an extra 5,000,000 tons of gold in Balochistan instead!!
thumb_up Recommended (0)