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Markets

Inter-bank: rupee sustains 10th consecutive decline against US dollar

  • Currency depreciates 0.31% on Friday, settles at nearly one-month low in inter-bank market
Published November 3, 2023

The Pakistani rupee sustained losses against the US dollar for the 10th consecutive session as it depreciated 0.31% in the inter-bank market on Friday, closing at nearly a one-month low as gains from the earlier appreciation run continued to be erased.

As per the State Bank of Pakistan (SBP), the rupee settled at 284.31, a decrease of Re0.88.

The previous weakest closing for the rupee was recorded on October 5, 2023, when the currency settled at 283.62 in the inter-bank market.

On Thursday, the rupee had depreciated 0.28% to settle at 283.43 against the US dollar.

In a related development, Caretaker Finance Minister Dr Shamshad Akhtar on Thursday reaffirmed Pakistan’s commitment to working closely with the International Monetary Fund (IMF) to ensure the successful completion of the $3 billion Stand-by-Arrangement (SBA) and achieve the country’s economic objectives.

Meanwhile, the country’s foreign exchange reserves held by the State Bank of Pakistan (SBP) slightly increased by $14 million on a weekly basis, clocking in at $7.5 billion as of October 27, data released on Thursday showed.

Internationally, the US dollar stayed on the back foot on Friday and was on course for a weekly decline against a basket of currencies as traders wagered that the US Federal Reserve was most likely done with rate increases, lifting risk sentiment.

The dollar index, which measures the US currency against six rivals, was at 106.22, not far from the one-week low of 105.80 it hit on Thursday.

The index is on course to clock a 0.3% drop for the week, just its third week of losses since July.

Markets are now pricing in a less than 20% chance of a rate increase in December compared with 39% a month earlier, CME FedWatch tool showed, in the wake of the US central bank’s holding interest rates steady on Wednesday.

The Fed, however, left the door open to a further increase in borrowing costs in a nod to the economy’s resilience.

Oil prices, a key indicator of currency parity, were little changed on Friday, but headed for a second week of losses as supply concerns driven by conflict in the Middle East eased, while the demand outlook from the world’s top crude importer China remained uncertain.

Brent crude futures rose 34 cents, or 0.4%, to $87.19 a barrel at 0735 GMT, while US West Texas Intermediate crude futures gained 41 cents, or 0.5%, to $82.87 a barrel.

Inter-bank market rates for dollar on Friday

BID                            Rs 284.30

OFFER                      Rs 284.50

Open-market movement

In the open market, the PKR lost 50 paisa for both buying and selling against USD, closing at 282.00 and 285.50, respectively.

Against Euro, the PKR lost 2.00 rupees for both buying and selling, closing at 299.00 and 302.00, respectively.

Against UAE Dirham, the PKR lost 50 paisa for both buying and selling, closing at 79.50 and 80.20, respectively.

Against Saudi Riyal, the PKR lost 50 paisa for both buying and selling, closing at 75.80 and 76.50, respectively.

Open-market rates for dollar on Friday

BID                            Rs 282.00

OFFER                      Rs 285.00

Comments

200 characters
Johnny Walker Nov 03, 2023 03:11pm
Where are the Bharati trolls? The Rupee is plummeting and they are silent/missing !!!
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Yousuf Nov 03, 2023 06:43pm
With my past several years of experience in one of the largest Investment management firm where I was deeply involved with derivatives and used to be 3 times bigger than Pakistan GDP. My understanding is that if the dollar continuously trade below 290Rs then Pakistani exports will deeply hurt and the impact will be for longer period and will hurt the Rupee and economy likewise what Darr formula did in 1999, 2015 and 2022. Once proper regulations for foreign exchang in place then let the market decides and do not forcibly hold the ruppe on either side.
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zaya zaya Nov 04, 2023 03:57am
Was this a surprise, most things are fixed, watch the stock exchange index collapse from 53k in this coming week, get ready another shock coming.
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