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Markets

Rupee falls 1.34%, settles at 283.04 against US dollar

  • Currency depreciates for third successive session in inter-bank market
Published July 18, 2023

The Pakistani rupee maintained its downward trajectory against the US dollar for the third consecutive session, depreciating 1.34% on Tuesday, as euphoria over foreign exchange inflows in the country subsided and gave way to economic fundamentals.

At close, the currency settled at 283.04, a decrease of Rs3.78, as per the State Bank of Pakistan (SBP).

On Monday, the rupee sustained back-to-back losses against the US dollar, depreciating another 0.6% to settle at 279.26 in the inter-bank market.

Experts said the knee-jerk reaction after the International Monetary Fund (IMF) programme, which resulted in the rupee’s appreciation, is reversing.

“As import restrictions are being lifted amid IMF demands, the pressure would stay on the local currency,” Fahad Rauf, Head of Research at Ismail Iqbal Securities Limited, told Business Recorder.

“The backlog created due to import and dividend restrictions is being cleared,” he said, adding that the rupee would continue to show gradual depreciation until flows improve.

In a related development, the top military brass vowed to fully support the strategic initiatives planned by the government of Pakistan for the revival of the economy by providing all possible technical and management support for the overall good of the people of Pakistan.

Globally, the US dollar wobbled near an over one-year low against its major peers on Tuesday, as investors awaited fresh catalysts to gauge if the greenback has further downside in the wake of last week’s cooler-than-expected US inflation report.

The US dollar index, which measures the greenback against a basket of six currencies, dipped slightly to 99.84 in early Asia trade, after having tumbled to its lowest since April 2022 on Friday.

The index also clocked its worst week of 2023 last week, after data showed US inflation subsided further with consumer prices registering their smallest annual increase in more than two years, taking pressure off the Federal Reserve to continue raising interest rates.

Oil prices, a key indicator of currency parity, were little changed on Tuesday as investors weighed a possible tightening of US crude supplies against weaker-than-expected Chinese economic growth.

Inter-bank market rates for dollar on Tuesday

BID Rs 283.10

OFFER Rs 283.30

Open-market movement

In the open market, the PKR lost 4.00 rupees for both buying and selling, against USD, closing at 287.00 and 290.00, respectively.

Against Euro, the PKR lost 5.00 rupees for both buying and selling, closing at 317.00 and 320.00 respectively.

Against UAE Dirham, the PKR lost 1.00 rupee for both buying and selling, closing at 78.50 and 79.25, respectively.

Against Saudi Riyal, the PKR lost 1.50 rupee for both buying and selling, closing at 75.80 and 76.50, respectively.

Open-market rates for dollar on Tuesday

BID Rs 287.00

OFFER Rs 290.00

Comments

Comments are closed.

Fazeel Siddiqui (Overseas Pakistani) Jul 18, 2023 11:48am
Not a surprise
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Zubair Jul 18, 2023 01:14pm
There was a carrot of IMF loan to calm down Pakistani people and give them false hope of PKR strengthening. Since IMF and all other tranches are already with SBP, why the depreciation not arrested? Because Dar is playing with books and numbers without showing real market scenario. What hope we have to stop the PKR devaluation now? No more USD support foreseen in this govt tenure! Time to fasten the seatbelt of PKR..
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Tulukan Mairandi Jul 18, 2023 01:27pm
Every PKR1 drop erodes US$200 million. The economic fundamentals are so terribly flawed. In no time the various shameless-loans that were recently thrown at us after months of begging, would be worthless. The country will collapse and break. While Shehbaz and Dar conveniently return to London.
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Shahid Khan Jul 18, 2023 02:01pm
Not a surprise as there's no hope left for our beloved country
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faisal Jul 18, 2023 03:05pm
Who expects ruppee to be stable when inflation was near 50 percent for like 6 months.
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Ashfaq khan Jul 18, 2023 03:08pm
When imports open the dollar will hit around 320. Tough couple of years before things progress
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