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Markets

Inter-bank: rupee stages comeback, settles at 278.81 against US dollar

  • Local currency closes Rs1.48 higher in inter-bank market on Thursday
Published October 19, 2023

After back-to-back losses, the Pakistani rupee staged a recovery against the US dollar, as it appreciated 0.53% in the inter-bank market on Thursday.

As per the State Bank of Pakistan (SBP), the rupee settled at 278.81 after an increase of Rs1.48 in the inter-bank market.

On Wednesday, the rupee sustained significant losses, as the currency depreciated 1.16% to settle at 280.29.

Globally, the US dollar held the yen near a two-week low, as growing expectations that the US Federal Reserve will keep rates higher for longer had the greenback and US Treasury yields on the rise overnight and markets awaited a speech by Fed Chair Powell.

Fed Governor Christopher Waller and John Williams were among the latest US central bank officials to make comments this week, with the Fed’s October 31 - Nov. 1 monetary policy meeting fast approaching.

Waller, who is one of the Fed’s most hawkish members, said he wants to “wait, watch and see” if the US economy continues its run of strength or weakens in the face of interest rate hikes to date.

The dollar index, which measures the dollar against a basket of currencies, held steady near Wednesday’s high of 106.63 in the Asian morning.

Oil prices, a key indicator of currency parity, fell on Thursday, reversing gains in the previous session, after OPEC showed no signs of supporting Iran’s call for an oil embargo on Israel and as the United States plans to ease Venezuela sanctions to allow more oil to flow globally.

Brent futures for December fell 74 cents to $90.76 a barrel.

Inter-bank market rates for dollar on Thursday

BID                            Rs 278.80

OFFER                      Rs 279.00

Open-market movement

In the open market, the PKR gained 1.00 rupee for both buying and selling against USD, closing at 277.00 and 280.00, respectively.

Against Euro, the PKR remained unchanged for both buying and selling, closing at 293.00 and 296.00, respectively.

Against UAE Dirham, the PKR lost 1.00 rupee for both buying and selling, closing at 77.00 and 77.75, respectively.

Against Saudi Riyal, the PKR gained 20 paisa for buying and 30 paisa for selling, closing at 74.50 and 75.20, respectively.

Open-market rates for dollar on Thursday

BID                            Rs 277.00

OFFER                      Rs 280.00

Comments

Comments are closed.

Fazeel Siddiqui (Overseas Pakistani) Oct 19, 2023 12:46pm
Good bounce back. Aim for 200. SBP should pump in interbank auction all the 1b$ supplied by ECs. Security agencies to double fold their efforts to crack another 2b$ from ECs / Business Giants/ High Net Worth Individuals and Proxies of establishment who hold the most of the FCY.
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Haris Oct 19, 2023 01:03pm
Oh thats sad Tulukan. your happiness last only for one day? :( thats really sad. Lets see how long our happiness remains :):) past one and half month was very nice for us. Ok keep praying for PKR fall :)
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Observer Oct 19, 2023 03:30pm
Unfortunately, this is all vapor. The only FCY we have is due to loans and the minute debt payments kick in, the rate will start to rise again. Tragically, our economy has been played to such an extent now that it would take a miracle to bounce back :(
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