- Currency appreciates 0.31% to settle at 286.50 against US dollar
The Pakistani rupee registered back-to-back gains against the US dollar, as it appreciated 0.31% in the inter-bank market on Friday.
As per the State Bank of Pakistan (SBP), the rupee settled at 286.50, an increase of Re0.88.
On Thursday, the rupee finally ended its 17-session depreciation run to settle at 287.38 against the US dollar.
In a related development, Caretaker Finance Minister Dr Shamshad Akhtar said another increase in gas prices would be in January 2024.
Speaking to the media after the staff-level agreement (SLA) reached with the IMF, she maintained that external financing would not be an issue as the government expects inflow in December 2023, which would help increase foreign exchange reserves.
Meanwhile, the country’s total liquid foreign exchange reserves fell by $79 million during the last week due to external debt servicing to settle at $12.535 billion as of November 10, 2023.
Globally, the yen was on track for its best week against the US dollar in four months on Friday on the prospect of a narrowing US-Japan rate differential, with bets the Federal Reserve is done raising rates leaving the greenback headed for a weekly loss.
A slew of weaker-than-expected US economic data released this week, led by a slowdown in inflation, has reinforced market expectations that the Fed has reached the end of its aggressive monetary tightening cycle, with a focus now on when the first rate cuts could begin.
Oil prices, a key indicator of currency parity, were little changed on Friday but on track for their fourth straight week of losses after tumbling about 5% to a four-month-low on Thursday on worries over global demand.
Brent futures edged up 7 cents, or 0.1%, to $77.49 a barrel at 0702 GMT. US West Texas Intermediate crude (WTI) was at $72.96, up 6 cents, or 0.1%.
Inter-bank market rates for dollar on Friday
BID Rs 286.50
OFFER Rs 286.70
In the open market, the PKR gained 55 paisa for both buying and selling against USD, closing at 285.25 and 288.25, respectively.
Against Euro, the PKR remained unchanged for both buying and selling, closing at 308.00 and 311.00, respectively.
Against UAE Dirham, the PKR gained 50 paisa for both buying and selling, closing at 78.30 and 79.00, respectively.
Against Saudi Riyal, the PKR remained unchanged for both buying and selling, closing at 75.80 and 76.50, respectively.
Open-market rates for dollar on Friday
BID Rs 285.25
OFFER Rs 288.25