- Currency appreciates 0.03% in inter-bank market
Opening after a five-day gap owing to Eid holidays, the Pakistani rupee remained largely stable against the US dollar, settling with an appreciation of 0.03% on Wednesday.
According to the State Bank of Pakistan (SBP), the local currency settled at 283.39, an increase of Re0.08. It had depreciated during the early hours of trading before clawing back to finish positive.
The development comes after the rupee regained its upward momentum against the US dollar on Thursday last week, settling at 283.47 in the inter-bank market, and as market participants continue to await resumption of the International Monetary Fund (IMF) Extended Fund Facility (EFF), which has been stalled since last year.
Finance Minister Ishaq Dar once again said the government has met all the conditions of the IMF for revival of the loan agreement.
Internationally, the US dollar was mostly steady after spiking higher overnight as renewed concerns over the U.S. banking sector and economy dented risk sentiment.
The dollar index, which measures the currency against six major rivals, nudged 0.01% higher to 101.80 following a 0.5% increase overnight. The index is down 0.76% for the month.
Also weighing on sentiment was fresh economic data. US consumer confidence dropped to a nine-month low in April, data overnight showed, heightening the risk that the economy could fall into recession this year.
Oil prices, a key indicator of currency parity, rose on Wednesday after plunging more than 2% in the previous session as reports of falling US crude oil and fuel inventories refocused investors on robust demand in the world’s top oil consumer.
Inter-bank market rates for dollar on Wednesday
BID Rs 283.40
OFFER Rs 286.00
In the open market, the PKR gained 1 rupee for both buying and selling against USD, closing at 288 and 291, respectively.
Against Euro, the PKR lost 3 rupees for both buying and selling, closing at 315 and 318 respectively.
Against UAE Dirham, the PKR lost 20 paisa for buying and 5 paisa for selling, closing at 78.70 and 79.30, respectively.
Against Saudi Riyal, the PKR lost 75 paisa for both buying and selling, closing at 76.50 and 77.20, respectively.
Open-market rates for dollar on Wednesday
BID Rs 288
OFFER Rs 291