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Markets

Inter-bank: rupee sustains further losses, settles at 307.1 against US dollar

  • Currency depreciates 0.48% in inter-bank market to settle at new record low
Published September 5, 2023

The Pakistani rupee sustained back-to-back losses against the US dollar to settle at a new record low of 307.1 in the inter-bank on Tuesday.

At close, the rupee was down Rs1.46 or 0.48%, as per the State Bank of Pakistan (SBP).

On Monday, the rupee recorded a marginal fall against the US dollar to settle at 305.64 in the inter-bank market.

In a key development, Business Recorder learnt that the government has yet to finalise relief in soaring electricity bills to consumers as the International Monetary Fund (IMF) has conveyed its disagreement to the data provided by the federal government.

Internationally, the US dollar was firm on Tuesday and the Aussie under a little pressure as traders watched out for the Reserve Bank of Australia’s interest rate decision with bets that rates may have peaked.

Softer than expected inflation data for July has markets all but certain the cash rate will stay on hold at 4.1% when the RBA announces its decision in the next few hours, far lower than where US overnight rates are at about 5.25-5.5%.

Currency markets had been steady overnight, with volumes lightened by a US holiday and with little economic data to gauge whether global hiking cycles might also be at an end.

Oil prices, a key indicator of currency parity, dipped on Tuesday as fresh data added to gloom over the state of China’s post-pandemic recovery, although expectations of an extension in supply cuts by leading OPEC+ members limited losses.

Inter-bank market rates for dollar on Tuesday

BID Rs 307.00

OFFER Rs 307.20

Open-market movement

In the open market, the PKR gained 5.00 rupees for both buying and selling against USD, closing at 320.00 and 323.00, respectively.

Against Euro, the PKR gained 14.00 rupees for both buying and selling, closing at 340.00 and 343.50, respectively.

Against UAE Dirham, the PKR gained 3.00 rupees for both buying and selling, closing at 88.00 and 88.80, respectively.

Against Saudi Riyal, the PKR gained 2.00 rupees for both buying and selling, closing at 85.20 and 86.00, respectively.

Open-market rates for dollar on Tuesday

BID Rs 320.00

OFFER Rs 323.00

Comments

200 characters
Fazeel Siddiqui (Overseas Pakistani) Sep 05, 2023 12:26pm
So Hafiz & Co want to defeat economic indicators by updating software of market to artificially lowering the open market rate? Another destruction like 2013-18 ahead if this forceful strategy of PML-N in place, if continues at full throttle, I'll bet PKR 400/$ in grey(fair) market by Dec 2023.
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Tulukkan Mairandi(Salem) Sep 05, 2023 01:36pm
PKR350/$ Is inevitable now. PKR350/$ will be a reality by the time NEW SELECTED GOVERNMENT SITS IN.
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Zahoor Khan Sep 05, 2023 02:17pm
Pakistan
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Ahmed Ali Sep 05, 2023 02:36pm
Cash
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Ahmed Ali Sep 05, 2023 02:37pm
My account
thumb_up Recommended (0) reply Reply
Tulukan Mairandi Sep 05, 2023 03:20pm
It's at 380 in the open market. Apparently Ishaq Dar and Establishment big boys shorted millions of PKR - huge gains
thumb_up Recommended (0) reply Reply
Muzmmail Hussain Sep 05, 2023 03:49pm
Peace Life
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Aneesh Suhravardi Sep 05, 2023 03:52pm
The default is on the cards..... No imports because there are no dollars, no exports because our finished are too expensive to export because of inflated electricity charges and expensive human resources. Further, we don't manufacture anything technology-oriented.
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