Back-to-back gains: rupee settles at 286.97 against US dollar
- Currency appreciates 0.08% in inter-bank market
The Pakistani rupee strengthened further against the US dollar with an appreciation of 0.08% in the inter-bank market on Friday.
At close, the currency settled at 286.97, an increase of Re0.23, as per the State Bank of Pakistan (SBP).
On Thursday, the rupee gained some ground against the US dollar and appreciated 0.76% to settle at 287.20.
In a key development, the National Assembly, in a bid to deal with the offences pertaining to money-laundering and to further strengthen the existing laws to effectively check illegal/corrupt practices, passed the National Anti-Money Laundering and Counter Financing of Terrorism Authority Bill, 2023 on Thursday.
On Friday, the country’s Senate passed the said bill for setting up a financial crimes authority.
Separately, the central bank’s foreign exchange reserves fell $32 million on a weekly basis, clocking in at nearly $8.15 billion as of July 27.
Total liquid foreign reserves held by the country stood at $13.46 billion.
Internationally, the US dollar hung back from a four-week high against major peers on Friday as investors looked ahead to a key jobs report that could influence the path for US interest rates.
The US dollar index, which gauges the currency against a basket of six counterparts, edged 0.07% lower to 102.38 in early Asia.
On Thursday, it had pushed to the highest since July 7 at 102.84 at one point, but lost steam later in the day with the monthly nonfarm payrolls report looming on Friday.
Oil prices, a key indicator of currency parity, were on track for a sixth week of gains after Saudi Arabia and Russia, the world’s second and third-largest crude producers, pledged to cut output through September.
Inter-bank market rates for dollar on Friday
BID Rs 286.90
OFFER Rs 287.10
Open-market movement
In the open market, the PKR gained 50 paisa for both buying and selling against USD, closing at 289.00 and 292.00, respectively.
Against Euro, the PKR gained 1.00 rupee for both buying and selling, closing at 317.00 and 320.00, respectively.
Against UAE Dirham, the PKR remained unchanged for both buying and selling, closing at 81.00 and 81.80, respectively.
Against Saudi Riyal, the PKR gained 20 paisa for both buying and selling, closing at 77.30 and 78.00, respectively.
Open-market rates for dollar on Friday
BID Rs 289.00
OFFER Rs 292.00
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