Rupee remains relatively stable, settles at 283.92 against US dollar
- Currency registers depreciation of 0.03%
The Pakistani rupee remained largely stable against the US dollar, settling with a marginal loss of 0.03% during the trading session on Tuesday.
According to the State Bank of Pakistan (SBP), the local currency closed at 283.92, a decrease of Re0.08.
It is pertinent to mention that market remained closed on Monday on account of the Labour Day holiday.
The rupee had registered a marginal increase against the US dollar on Friday, settling at 283.84 in the inter-bank market.
During the previous week, the rupee remained largely stable as a current account surplus and lack of progress on the International Monetary Fund (IMF) kept the currency hanging.
On the other hand, the United States called on Pakistan to move ahead on stalled reforms sought by the IMF, promising technical help and encouraging the country to enact policies that promote an open and fair and transparent business climate.
The market awaits the resumption of the International Monetary Fund (IMF) programme, which remains stalled to date.
Moreover, it is also closely monitoring development at the political front, as the government and Pakistan Tehreek-e-Insaf (PTI) leaders continue to hold talks on holding elections in the country.
Oil prices, a key indicator of currency parity, fell in Asian trade on Tuesday, extending losses seen in the previous session, as weak economic data from China and expectations of a US interest rate increase weigh on the market.
Inter-bank market rates for dollar on Tuesday
BID Rs 283.90
OFFER Rs 286.00
Open-market movement
In the open market, the PKR gained 50 paisa for both buying and selling against USD, closing at 286.50 and 289.50, respectively.
Against Euro, the PKR gained 2 rupees for both buying and selling, closing at 312 and 315 respectively.
Against UAE Dirham, the PKR gained 30 paisa for both buying and selling, closing at 78.20 and 78.90, respectively.
Against Saudi Riyal, the PKR remained unchanged for buying and selling, closing at 75.90 and 76.60, respectively.
Open-market rates for dollar on Tuesday
BID Rs 286.50
OFFER Rs 289.50
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