5th consecutive fall: rupee settles at 285.15 against US dollar

Pakistani rupee’s fall continued against the US dollar for the fifth successive session, as it depreciated 0.47% on Thursday.

At close, the currency settled at 285.15, a decrease of Rs1.35, as per the State Bank of Pakistan (SBP).

On Wednesday, the rupee sustained losses against the US dollar for the fourth straight session, depreciating 0.27% to settle at 283.80 in the inter-bank market.

In a related development, Finance Minister Ishaq Dar told the Asian Development Bank (ADB) delegation on Wednesday that the government remains committed to completing International Monetary Fund (IMF) 9-month Stand-By Agreement (SBA).

Internationally, the Australian dollar surged on Thursday after the country’s employment data came in way above expectations, while the yuan marched higher after China moved to stem its currency’s decline by relaxing a cross-border financing rule.

Data out on Thursday showed that Australia’s employment handily beat expectations for a second straight month in June as net employment rose by 32,600 in June from May, exceeding market forecasts for an increase of 15,000.

The US dollar index steadied above 100 and last stood at 100.18, regaining some lost ground after last week’s more than 2% fall in a knee-jerk reaction to US inflation data that came in cooler than expected.

Oil prices, a key indicator of currency parity, were little changed on Thursday as a lower-than-expected drop in US crude inventories and a potentially weaker demand outlook kept investors cautious.

Inter-bank market rates for dollar on Thursday

BID Rs 285.00

OFFER Rs 285.20

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 lost 3.00 rupees for both buying and selling, closing at 320.00 and 323.00, respectively.

Against UAE Dirham, the PKR lost 80 paisa for buying and 75 paisa for selling, closing at 79.30 and 80.00, respectively.

Against Saudi Riyal, the PKR lost 50 paisa for buying and 60 paisa for selling, closing at 76.50 and 77.30, respectively.

Open-market rates for dollar on Thursday

BID Rs 286.50

OFFER Rs 289.50