Seventh consecutive gain: rupee settles at 297.96 against US dollar

The Pakistani rupee continued to improve against the US dollar, appreciating for the seventh consecutive session to settle at 297.96 in the inter-bank market on Thursday.

At close, the rupee was up Re0.86 or 0.29%, as per the State Bank of Pakistan (SBP). Cumulatively, the rupee has appreciated over 3% in the last seven sessions after it hit a record low of 307.1 last week.

On Wednesday, the rupee had appreciated 0.36% to settle at 298.82.

The currency has been on an appreciation run since the government announced a crackdown against hoarders and smugglers of local currency last week.

Globally, the US dollar hovered below a three-month high to the euro on Thursday as attention turned to the European Central Bank’s rate-setting meeting later in the day, after US inflation data failed to alter views for a Federal Reserve pause next week.

The US consumer price index (CPI) increased by 0.6% last month, the largest gain since June 2022, the Labor Department said on Wednesday.

However, core inflation, which is of greater concern to the Fed as it strips out food and energy prices, ran at a 4.3% year-on-year rate in August from

The US dollar index - measuring the currency against a basket of six developed-market peers, including the euro and yen - edged 0.1% lower to 104.63 in the Asian morning.

Oil prices, a key indicator of currency parity, rebounded on Thursday as expectations of a tighter global crude supply outlook for the rest of 2023 overshadowed concerns over weaker economic growth and rising US inventories.

Inter-bank market rates for dollar on Thursday

BID Rs 297.90

OFFER Rs 298.10

Open-market movement

In the open market, the PKR gained 3.00 rupees for both buying and selling against USD, closing at 295.00 and 298.00, respectively.

Against Euro, the PKR remained unchanged for both buying and selling, closing at 322.00 and 325.00, respectively.

Against UAE Dirham, the PKR lost 50 paisa for both buying and selling, closing at 82.00 and 82.80, respectively.

Against Saudi Riyal, the PKR lost 1.30 rupee for both buying and selling, closing at 78.80 and 79.50, respectively.

Open-market rates for dollar on Thursday

BID Rs 295.00

OFFER Rs 298.00