Rupee sees 17th successive session of gain, settles at 287.74 against US dollar
- Local currency has gained 6.7% since it hit a record low of 307.1 in inter-bank market on Sept 5
The Pakistani rupee maintained its upward trajectory against the US dollar, gaining 0.35% in the inter-bank market on Thursday. This is the rupee’s 17th successive increase against the greenback.
As per the State Bank of Pakistan (SBP), the rupee settled at 287.74 after an increase of Rs1.01 in the inter-bank market.
On Wednesday, the rupee had appreciated 0.36% to settle at 288.75.
In a key development, repatriation of profits and dividends by foreign investors on their investment in Pakistan sharply rose by 74.46% during the first two months of this fiscal year (FY24).
Globally, the US dollar clung near a 10-month high against a basket of its peers on Thursday, keeping the yen under pressure near a key intervention zone as investors size up upbeat US economic data and fresh comments from Federal Reserve officials.
Federal Reserve Bank of Minneapolis President Neel Kashkari was one among several Fed voices to caution markets on the possibility of more hikes, saying on Wednesday that ample evidence of ongoing economic strength meant that more tightening might be in the pipeline.
Fed Chair Jerome Powell is scheduled to speak later on Thursday, giving markets further clues into the future path of US monetary policy.
The Fed officials’ remarks come as economic data out of the US continues to surprise with its strength, defying investor expectations for a slowdown.
The US dollar index, which measures the greenback against a basket of other major currencies, hovered around 106.58, after hitting 106.84 overnight, the highest level since Nov. 30.
Oil prices, a key indicator of currency parity, jumped to their highest in more than a year on Thursday as a drop in crude stocks in the United States added to worries over tight global supplies from OPEC+ output cuts.
Inter-bank market rates for dollar on Thursday
BID Rs 287.70
OFFER Rs 287.90
Open-market movement
In the open market, the PKR gained 2.00 rupees for both buying and selling against USD, closing at 285.00 and 288.00, respectively.
Against Euro, the PKR gained 3.00 rupees for both buying and selling, closing at 303.00 and 306.00, respectively.
Against UAE Dirham, the PKR gained 1.70 rupee for both buying and selling, closing at 79.00 and 79.80, respectively.
Against Saudi Riyal, the PKR gained 80 paisa for both buying and selling, closing at 75.50 and 76.20, respectively.
Open-market rates for dollar on Thursday
BID Rs 285.00
OFFER Rs 288.00
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