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The Pakistani rupee lost value for the sixth consecutive session against the US dollar as it depreciated 0.14% in the inter-bank market on Monday.

As per the State Bank of Pakistan (SBP), the rupee settled at 280.95, a decrease of Re0.38.

During the previous week, the rupee declined against the US dollar as it closed 0.63% or Rs1.77 lower in the inter-bank market.

The local currency started the week at 278.80, but closed on Friday at 280.57.

In a related development, remittances inflows were likely to be back on track with decent growth from Gulf countries as the local currency marked a significant comeback against the US dollar in the inter-bank and open markets in the last few weeks, experts told Business Recorder.

Additionally, the caretaker government announced an incentive scheme of Rs80 billion for encouraging overseas Pakistanis to send remittances to their relatives in their homeland without any charges.

Internationally, the US dollar inched broadly higher in cautious trade on Monday and held near 150 yen as traders looked to a policy decision by the Bank of Japan later in the week, alongside other major central bank meetings and a slew of economic data releases globally.

Data on Friday showed US consumer spending surged in September as households boosted purchases of motor vehicles and travelled, keeping spending on a higher growth path heading into the fourth quarter.

The dollar index edged 0.03% higher to 106.63, as investors assessed what the recent run of resilient US economic data would mean for the Fed’s rate outlook.

Oil prices, a key indicator of currency parity, slipped more than 1% on Monday as concern eased about the Israel-Hamas war affecting supply from the region and as investors adopted caution ahead of this week’s US Federal Reserve meeting and other indications of global economic health.

Inter-bank market rates for dollar on Monday

BID Rs 280.95

OFFER Rs 281.15

Open-market movement

In the open market, the PKR lost 1.00 rupee for both buying and selling against USD, closing at 279.50 and 282.50, respectively.

Against Euro, the PKR lost 1.00 rupee for both buying and selling, closing at 295.00 and 298.00, respectively.

Against UAE Dirham, the PKR lost 30 paisa for both buying and selling, closing at 78.80 and 79.50, respectively.

Against Saudi Riyal, the PKR lost 40 paisa for both buying and selling, closing at 75.20 and 75.90, respectively.

Open-market rates for dollar on Monday

BID Rs 279.50

OFFER Rs 282.50

Comments

200 characters
Fazeel Siddiqui (Overseas Pakistani) Oct 30, 2023 09:14pm
I have received not a single penny from these Incentives announced of Rs 80 billion for my 3 remittances past one month. Regarding sending charges, costed as usual as high as 2% for $600 and 1.5% for $3000 and when I asked exchange franchise here that GoP announced incentive in charges he said "nothing like this on table" to their giant exchange company which belongs to UAE. Now even SDRP is not adding points in the App. Overseas Pakistanis have been robbed brutally by GoP & SBP by fixing fake artificial rate defying economic indicators just to buy forced cheap dollars from Overseas Pakistanis for importers, traders, money launders and terrorists.
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