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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

Open-market movement

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

Comments

Comments are closed.

Tulukan Mairandi Apr 26, 2023 02:59pm
Now it's gonna keep dropping to levels unheard if. The pre-eid pump and dump is over. Now it's doomsday approaching
thumb_up Recommended (0)
Nadeem Apr 26, 2023 03:42pm
@Tulukan Mairandi, for godsake please keep your ridiculous analysis to your self only. Koi srr pair e nahi janab ki baat ka
thumb_up Recommended (0)
Asadullah KHAN Apr 26, 2023 06:18pm
@Tulukan Mairandi, I think your analysis are not even close to the reality, the PKR will gain value in coming weeks and months, let’s see what happens.
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Javed Apr 27, 2023 08:24am
When will imf give the loan? Ishaq Dar is fooling the people from months
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