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The fall continues: rupee settles at 288.52 against US dollar

  • Currency depreciates 0.21% in the inter-bank market for its eighth successive finish in the red
Published July 25, 2023

The ongoing downward momentum pulled the Pakistani rupee lower for the eighth consecutive session as the currency depreciated 0.21% against the US dollar on Tuesday.

At close, the rupee settled at 288.52, a decrease of Re0.6, as per the State Bank of Pakistan (SBP).

The currency has lost nearly 4.2% or Rs12.02 against the US dollar in the last eight trading sessions.

On Monday, the rupee registered losses against the US dollar for the seventh successive session, depreciating 0.39% to settle at 287.92 in the inter-bank market.

In a key development, the National Electric Power Regulatory Authority (NEPRA) on Monday gave its nod for an increase in basic electricity tariff by Rs7.5 per unit from July 1, 2023, across the country with chairman’s remarks that it is an election year and political decisions are being taken to pass a lower burden on 68% protected consumers.

Internationally, the US dollar rose ahead of this week’s trio of major central bank meetings while the euro hit a two-week low on Tuesday as a worsening downturn in eurozone business muddied the bloc’s rate outlook against a still-hawkish European Central Bank (ECB).

Markets have fully priced in a 25-basis-point rate hike by the ECB at its meeting this week, though the path of future rate increases beyond July remains up in the air.

The Federal Reserve also meets this week and is expected to deliver a 25 basis point rate hike, with a majority of economists polled by Reuters expecting that to mark the last increase of the central bank’s current tightening cycle.

Oil prices, a key indicator of currency parity, were steady on Tuesday, hovering near three-month highs as signs of tighter supplies and pledges by Chinese authorities to shore up the world’s second-biggest economy lifted sentiment, while weaker Western economic data weighed.

Inter-bank market rates for dollar on Tuesday

BID Rs 288.40

OFFER Rs 288.60

Open-market movement

In the open market, the PKR lost 50 paisa for both buying and selling against USD, closing at 290.50 and 293.50, respectively.

Against Euro, the PKR lost 1.00 rupee for both buying and selling, closing at 321.00 and 324.00, respectively.

Against UAE Dirham, the PKR lost 80 paisa for buying and 70 paisa for selling, closing at 80.80 and 81.50, respectively.

Against Saudi Riyal, the PKR remained unchanged for both buying and selling, closing at 77.50 and 78.20, respectively.

Open-market rates for dollar on Tuesday

BID Rs 290.50

OFFER Rs 293.50

Comments

Comments are closed.

Tulukan Mairandi Jul 25, 2023 02:53pm
Dar said that Rupee will appreciate after IMF shameless-loan. But it is collapsing. People are cashing out. Nobody has faith in this doomed country.
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عمران خان رانديباز Jul 25, 2023 04:18pm
Easy come Easy Go. ..... I had my doubts on IMF Bailouts
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Ashfaq khan Jul 25, 2023 05:04pm
Dollar open market at 298, you can call western Union in Lahore, based on 298, the dollar price will increase to 295 in next few weeks
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Muddasir Jul 25, 2023 08:09pm
IMF gives one billion dollar and the already debt due increases by 10 billion dollars with devaluation. It's a spider trap
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Ash Chak Jul 25, 2023 08:37pm
I don't know who the Finance Minister was trying to fool when he said that PKR would go up because of loan deposits from other countries and institutions.
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