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Markets

Rupee sees 20th consecutive gain, settles at 284.68 against US dollar

  • Local currency has appreciated 7.9% since it hit a record low of 307.1 in inter-bank market on Sept 5
Published October 4, 2023

The Pakistani rupee continued its appreciation run against the US dollar, gaining 0.37% in the inter-bank market on Wednesday. This is the rupee’s 20th consecutive increase against the greenback.

As per the State Bank of Pakistan (SBP), the rupee settled at 284.68 after an increase of Rs1.04 in the inter-bank market.

On Tuesday, the rupee had appreciated 0.36% to settle at 285.72.

In a key development, the World Bank on Tuesday projected Pakistan’s real GDP growth to recover to 1.7% in FY24 and 2.4% in FY25.

As per World Bank’s report ‘Pakistan Development Update: Restoring Fiscal Sustainability’ released on Tuesday, economic growth is expected to remain below potential over the medium term with some improvements in investment and exports.

“Without a sharp fiscal adjustment and decisive implementation of broad-based reforms, Pakistan’s economy will remain vulnerable to domestic and external shocks,” it said in a statement.

Internationally, the US dollar charged higher on the back of upbeat data on Tuesday showing US job openings unexpectedly increased in August amid a surge in demand for workers in the professional and business services sector.

That sent the greenback to a near 11-month high of 107.34 against a basket of currencies, with the dollar index last at 107.07.

US Treasury Secretary Janet Yellen said last month whether Washington would show understanding over another yen-buying intervention by Japan “depends on the details” of the situation.

Oil prices, a key indicator of currency parity, edged lower on Wednesday ahead of a panel meeting of OPEC+ ministers, as the market weighed expectations of supply tightness against fears that high-interest rates could reduce fuel demand.

Inter-bank market rates for dollar on Wednesday

BID Rs 284.65

OFFER Rs 284.85

Open-market movement

In the open market, PKR gained 1.00 rupee for both buying and selling against USD, closing at 282.00 and 285.00, respectively.

Against Euro, the PKR gained 3.00 rupees for both buying and selling, closing at 297.00 and 300.00, respectively.

Against UAE Dirham, the PKR gained 1.20 rupee for buying and 1.30 rupee for selling, closing at 77.50 and 78.20, respectively.

Against Saudi Riyal, the PKR lost 30 paisa for both buying and selling, closing at 75.30 and 76.00, respectively.

Open-market rates for dollar on Wednesday

BID Rs 282.00

OFFER Rs 285.00

Comments

1000 characters
Johnny Walker Oct 04, 2023 12:35pm
An Indian troll has become jobless these days.
thumb_up Recommended (0) reply Reply
Tulukan Mairandi Oct 04, 2023 02:41pm
Profit taking by the mafia at our expense
thumb_up Recommended (0) reply Reply
Awami Oct 04, 2023 07:30pm
@Johnny Walker, This is good news. Pakistan currency has best performance against US$ for last 2 months. A steady progress is best thing, slow but sure rise.
thumb_up Recommended (0) reply Reply
Tulukan Mairandi Oct 04, 2023 09:20pm
Listen. If it's not due to currency manipulation, how is this happening? Every indicator is on the decline. Exports, reserves, economic growth, investment growth, corruption perception index, HDI etc. No country with such a continuing slump sees market appreciation, except if there is a shorting underbelly at play. Case in point is 1998 Asian Financial Crisis.
thumb_up Recommended (0) reply Reply

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