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The Pakistani rupee finally ended its 28-session winning streak against the US dollar, as it depreciated 0.07% in the inter-bank market on Tuesday.

As per the State Bank of Pakistan (SBP), the rupee settled at 277.03 after a decrease of Re0.20 in the inter-bank market.

On Monday, the rupee had appreciated 0.29% to settle at 276.83.

Since its record low of 307.1 in the inter-bank market on September 5, the local currency has eked out one of the longest appreciation runs.

The unprecedented increase came largely on the back of a crackdown against smuggling and controls on the Exchange Companies (ECs) sector.

With strict actions, the central bank has become more vigilant on exchange companies. During the last one month, authorisation of nine exchange companies has been suspended for serious violations.

Internationally, the US dollar started on Tuesday on the back foot as investors took stock of developments in the Middle East and braced for a slew of speeches by central bank officials this week headlined by Fed Chair Powell to gauge the monetary policy outlook.

The dollar index, which measures the US currency against six rivals, eased 0.038% to 106.20, after dropping 0.36% on Monday. Investor attention will firmly be on Fed Chairman Jerome Powell, who is due to speak on Thursday, during a busy week of speeches by regional bank heads.

Fed officials will enter into a blackout period on Oct. 21 before the Fed’s Oct. 31–Nov. 1 meeting.

Oil prices, a key indicator of currency parity, steadied on Tuesday after sliding more than $1 on Monday amid hopes the US would ease sanctions on producer Venezuela and as Washington stepped up efforts to prevent an escalation of the conflict between Israel and Hamas.

Inter-bank market rates for dollar on Tuesday

BID                            Rs 277.00

OFFER                      Rs 277.20

Open-market movement

In the open market, the PKR remained unchanged for both buying and selling against USD, closing at 274.00 and 277.00, respectively.

Against Euro, the PKR gained 1.00 rupee for both buying and selling, closing at 291.00 and 294.00, respectively.

Against UAE Dirham, the PKR remained unchanged for both buying and selling, closing at 76.00 and 76.75, respectively.

Against Saudi Riyal, the PKR remained unchanged for both buying and selling, closing at 73.30 and 74.00, respectively.

Open-market rates for dollar on Tuesday

BID                            Rs 274.00

OFFER                      Rs 277.00

Comments

Comments are closed.

Haris Oct 17, 2023 12:21pm
Hello Tulukan... how are you dear :) not good. come on man where are you. spit your venom,,,,, looking forward :)
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Tulukan Mairandi Oct 17, 2023 04:38pm
welcome to the inevitable, i hope the people at business recorder have the USDPKR graph for january ready at 500/$
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Kashif Oct 17, 2023 07:44pm
Repayments to IMF, china, KSA will give a bull run to USD. Sooner or later it's not good.
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Fouzi Oct 17, 2023 07:54pm
the rupee appreciated without any reason, reserves are still low, foreign debt is still there,there are no inflows,exports are down even than it appreciated
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Tulukan Mairandi Oct 17, 2023 09:29pm
Collapse is inevitable. It has just started. The roller coaster is at the high. The fall starts now. It always falls faster than it rises
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faisal Oct 18, 2023 12:33am
too much appreciation. at 1 ruppe/day its very hard on exporters and low paid workers that send some money to families. dollar will cross 300 again in november
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