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Rupee sees 19th successive gain, settles at 285.72 against US dollar

  • Local currency has appreciated 7.5% since it hit a record low of 307.1 in inter-bank market on Sept 5
Published October 3, 2023

The Pakistani rupee maintained its upward trajectory against the US dollar, gaining 0.36% in the inter-bank market on Tuesday. This is the rupee’s 19th successive increase against the greenback.

As per the State Bank of Pakistan (SBP), the rupee settled at 285.72 after an increase of Rs1.04 in the inter-bank market.

On Monday, the rupee had appreciated 0.34% to settle at 286.76.

In a key development, Pakistan’s headline inflation clocked in at 31.4% on a year-on-year basis in September, the Pakistan Bureau of Statistics (PBS) said on Monday, significantly higher than the reading in August when it stood at 27.4%. On a month-on-month basis, it was up 2%.

“The strengthening of PKR against US dollar is expected to play a mitigating role, offering some relief from inflationary pressures,” said Arif Habib Limited (AHL) in a report.

Pakistan’s trade deficit also narrowed, largely due to import compression, as pressure on the country’s foreign exchange reserves reduced to some extent.

Globally, the US dollar held on to fresh highs on Tuesday, pushing the yen down closer to an intervention zone, after strong US economic data bolstered the view that the Federal Reserve will keep interest rates higher for longer.

US manufacturing took a step further towards recovery in September as production picked up and employment rebounded, according to a survey on Monday that also showed prices paid for inputs by factories falling considerably.

The dollar also got a boost from rising US Treasury yields as the upbeat economic news underpinned the higher-for-longer Fed rates views, while the last-minute deal that averted a government shutdown reduced demand for US debt.

The dollar index rose around 0.5% to 107.06, at one point hitting as high as 107.12, its highest since November 2022.

Oil prices, a key indicator of currency parity, slipped in early trade on Tuesday, after falling to a three-week low in the previous session, on a stronger U.S. dollar, rising U.S. bond yields and mixed supply signals.

Inter-bank market rates for dollar on Tuesday

BID Rs 285.70

OFFER Rs 285.90

Open-market movement

In the open market, the PKR gained 50 paisa for both buying and selling against USD, closing at 283.00 and 286.00, respectively.

Against Euro, the PKR gained 3.00 rupees for both buying and selling, closing at 300.00 and 303.00, respectively.

Against UAE Dirham, the PKR lost 70 paisa for both buying and selling, closing at 78.70 and 79.50, respectively.

Against Saudi Riyal, the PKR gained 50 paisa for both buying and selling, closing at 75.00 and 75.70, respectively.

Open-market rates for dollar on Tuesday

BID Rs 283.00

OFFER Rs 286.00


1000 characters
Amukelani Ngobeni Oct 03, 2023 02:36pm
thumb_up Recommended (0) reply Reply
Tulukan Mairandi Oct 03, 2023 02:56pm
Joy ride will continue as long as the underbelly has appetite to short the PKR. Afterthat we can all tank together like a pile of crap down the pipe.
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younus Oct 03, 2023 03:44pm
it prove that if any govt want to reduce the comodity prices like control dollar price
thumb_up Recommended (0) reply Reply
Tulukan Mairandi Oct 03, 2023 05:30pm
Short trading underbelly mafia at work
thumb_up Recommended (0) reply Reply
M Sarosh Waheed Oct 04, 2023 01:40am
@Tulukan Mairandi, What do you mean, care to explain?
thumb_up Recommended (0) reply Reply

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