Rupee registers 21st successive gain, settles at 283.62 against US dollar

The Pakistani maintained its upward trajectory against the US dollar, gaining 0.37% in the inter-bank market on Thursday. This is the rupee’s 21st successive increase against the greenback.

As per the State Bank of Pakistan (SBP), the rupee settled at 283.62 after an increase of Rs1.06 in the inter-bank market.

On Wednesday, the rupee had appreciated 0.37% to settle at 284.68.

In a key development, Ministry of Finance has asked all ministries to implement all the commitments made with the International Monetary Fund (IMF) as the first review under the Standby Arrangement (SBA) becomes due.

Secretary Finance, Imdadullah Bosal has written letters to all the concerned ministries/ divisions, reminding them of commitments made with the IMF, asking them to comply with all those pledges made with the Fund.

IMF’s first review under SBA is scheduled for November, 2023.

Globally, the US dollar settled back and US Treasury yields moderated after mixed US economic data overnight made investors reduce bets on the Federal Reserve raising interest rates again this year.

The dollar index, which tracks the greenback against six peers, held near overnight levels at 106.53.

The greenback gave up some recent gains after U.S. private payrolls increased far less than expected in September, according to the ADP National Employment Report on Wednesday, although analysts said more evidence was needed to be sure how fast the labour market is cooling.

Longer-dated US Treasury yields eased from 16-year highs after the data and remained lower in the Asian morning.

Oil prices, a key indicator of currency parity, were broadly steady on Thursday after the previous session’s big losses, as an uncertain demand outlook held off any boost from an OPEC+ panel maintaining oil output cuts to keep a tight supply.

Inter-bank market rates for dollar on Thursday

BID                            Rs 283.60

OFFER                      Rs 283.80

Open-market movement

In the open market, the PKR gained 1.00 rupee for both buying and selling against USD, closing at 281.00 and 284.00, respectively.

Against Euro, the PKR gained 1.00 rupee for both buying and selling, closing at 296.00 and 299.00, respectively.

Against UAE Dirham, the PKR remained unchanged for both buying and selling, closing at 77.50 and 78.20, respectively.

Against Saudi Riyal, the PKR gained 30 paisa for both buying and selling, closing at 75.00 and 75.70, respectively.

Open-market rates for dollar on Thursday

BID                            Rs 281.00

OFFER                      Rs 284.00