Inter-bank: rupee slips for 16th successive session against US dollar

The Pakistani rupee sustained losses for the 16th successive session against the US dollar, as it depreciated 0.11% in the inter-bank market on Tuesday.

As per the State Bank of Pakistan (SBP), the rupee settled at 287.87, a decrease of Re0.32.

On Monday, the rupee had depreciated 0.18% to settle at 287.55 against the US dollar.

In a related development, Caretaker Finance Minister Dr Shamshad Akhtar on Monday began policy-level talks with the visiting staff mission of the International Monetary Fund (IMF) on the first review of Stand-By-Arrangement (SBA) in a bid to secure $710 million of the $3 billion loan programme.

The governor State Bank (SBP), the chairman Federal Board of Revenue (FBR) as well and other senior officials of the Ministry of Finance, the FBR, the SBP and the Ministry of Energy also attended the meeting.

The IMF Mission Chief on behalf of the IMF, Nathan Porter, is leading his delegation.

Globally, the battered yen was stuck near a three-decade low against the US dollar on Tuesday, struggling to find a floor as the Bank of Japan’s (BOJ) ultra-easy monetary policy settings remained at odds with the prospect of higher-for-longer rates elsewhere.

Against the dollar, the yen last stood at 151.72, languishing near a one-year low of 151.92 hit on Monday. A break below last year’s trough of 151.94 per dollar would mark a fresh 33-year low for the yen.

Oil prices, a key indicator of currency parity, edged higher on Tuesday after the International Energy Agency (IEA) raised its demand growth forecasts, adding to bullish sentiment from the previous day’s OPEC guidance.

Brent crude futures gained 20 cents, or 0.2%, to $82.72 a barrel by 0918 GMT. US WTI crude futures climbed 21 cents, or 0.3%, to $78.47.

Inter-bank market rates for dollar on Tuesday

BID                            Rs 287.85

OFFER                      Rs 288.05

Open-market movement

In the open market, the PKR remained unchanged for both buying and selling against USD, closing at 286.00 and 289.00, respectively.

Against Euro, the PKR lost 1.00 rupee for both buying and selling, closing at 305.00 and 308.00, respectively.

Against UAE Dirham, the PKR lost 10 paisa for both buying and selling, closing at 79.30 and 80.00, respectively.

Against Saudi Riyal, the PKR remained unchanged for both buying and selling, closing at 76.00 and 76.70, respectively.

Open-market rates for dollar on Tuesday

BID                            Rs 286.00

OFFER                      Rs 289.00