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Markets

Inter-bank market: rupee extends winning streak, settles below 280 against US dollar

  • Local currency has now appreciated for 25 consecutive sessions
  • Has cumulatively gained 10% since it hit a record low of 307.1 in inter-bank market on Sept 5
Published October 11, 2023

The Pakistani rupee maintained its grip against the US dollar, as it gained another 0.36% in the inter-bank market on Wednesday. This is the rupee’s 25th successive appreciation against the greenback.

As per the State Bank of Pakistan (SBP), the rupee settled at 279.51 after an increase of Re1 in the inter-bank market.

On Tuesday, the rupee had appreciated 0.41% to settle at 280.51.

This is one of the longest appreciation runs seen by the rupee against the US dollar in the inter-bank market and comes in large part due to the authorities’ crackdown on smuggling and hoarding of foreign currency as well as reforms in the Exchange Companies’ sector.

Globally, the US dollar dipped broadly on Wednesday, tracking a slide in US Treasury yields weighed down by dovish Federal Reserve comments, as traders looked to the central bank’s policy meeting minutes out later in the day for clues on its interest rate outlook.

A slew of Fed officials have signalled in recent days that the U.S. central bank may not need to tighten monetary policy much further than initially thought.

The comments pushed the greenback to a two-week trough against a basket of currencies in the previous session, with the dollar index languishing near that level in early Asia trade. It last stood at 105.66.

Oil prices, a key indicator of currency parity, edged lower on Wednesday, as fears of disruption to supplies due to conflict in the Middle East receded, at least for the time being.

Brent crude fell 49 cents, or 0.56%, to $87.16 a barrel by 1002 GMT. U.S. West Texas Intermediate (WTI) crude fell by 55 cents, or 0.64%, to $85.42.

Inter-bank market rates for dollar on Wednesday

BID Rs 279.50

OFFER Rs 279.70

Open-market movement

In the open market, the PKR gained 1.00 rupee for both buying and selling against USD, closing at 276.00 and 279.00, respectively.

Against Euro, the PKR lost 1.00 rupee for both buying and selling, closing at 294.00 and 297.00, respectively.

Against UAE Dirham, the PKR gained 1.00 rupee for both buying and selling, closing at 74.50 and 75.20, respectively.

Against Saudi Riyal, the PKR gained 50 paisa for both buying and selling, closing at 73.00 and 73.70, respectively.

Open-market rates for dollar on Wednesday

BID Rs 276.00

OFFER Rs 279.00

Comments

Comments are closed.

Mustafa Oct 11, 2023 11:13am
It will balance between 260-270 .. .hope that new government will keep doing the same as this government is doing ... PTI and PDM should learn from current government
thumb_up Recommended (0)
Observer Oct 11, 2023 11:28am
@Mustafa - with all due respect, new government has little to do with this. It is the result of crackdown on hoarders and smugglers. Had this step been taken 6 months ago, we wouldn't be in this situation in the first place.
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Azeem Akhtar Oct 11, 2023 11:58am
A lot more is still required to be done. The Rupee is creeping upward with snail speed. The main thing to make the Rupee strong is the industrial growth and exports.
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Rafique Oct 11, 2023 01:20pm
Good luck green note & respective stake holders ensure the postive momentum to control the inflation. Specail focus need on industrial growth
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Tulukan Mairandi Oct 11, 2023 04:27pm
Higher the rise, more fatal the fall
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M M Alam Oct 11, 2023 06:23pm
without change is underlying fundamentals , PKR is bound to depreciate in the long run.
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Haris Oct 11, 2023 06:42pm
@Tulukan Mairandi, love your pain :D:D:D:D:D love it dear. however fatal will be your pain not in the fall of dollar :):) love you.
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