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Markets

Inter-bank: rupee endures back-to-back losses against US dollar

  • Currency depreciates 0.04%, settles at 285.37 against dollar
Published November 24, 2023

The Pakistani rupee sustained back-to-back losses against the US dollar as it depreciated 0.04% in the inter-bank market on Friday.

As per the State Bank of Pakistan (SBP), the rupee settled at 285.37, a decrease of Re0.10.

On Thursday, the rupee registered marginal losses to settle at 285.27 against the US dollar.

In a key development, Caretaker Federal Minister for Finance Dr Shamshad Akhtar on Thursday said political and economic instability over a period of time has greatly disrupted Pakistan’s economic growth.

Addressing the 26 Sustainable Development Conference (SDC) organised by the Sustainable Development Policy Institute (SDPI) the minister said economic growth has to be backed by structural reforms.

Internationally, the US dollar was restrained on Friday by uncertainty over the path of U.S. interest rates, while the euro held overnight gains as data hinted that the downturn in the eurozone may be easing.

With US markets closed on Thursday and due for a shorter trading session on Friday for Thanksgiving, currencies are likely to trade narrowly but with some volatility as liquidity is expected to remain thin.

The dollar index, which measures the U.S. currency with six peers, eased 0.029% to 103.73, staying close to the two-and-a-half-month low of 103.17 it touched earlier this week.

The index is down 2.8% for the month, on course for its weakest monthly performance in a year on rising expectations that the Federal Reserve is done raising interest rates and could start cutting rates next year.

Oil prices, a key indicator of currency parity, were steady on Friday as traders kept their powder dry ahead of an OPEC+ meeting that could bring agreement on further supply cuts.

Brent crude futures were down 8 cents, or 0.1%, at $81.34 a barrel by 0913 GMT, having settled 0.7% down in the previous session.

US West Texas Intermediate crude lost 70 cents, or 0.91%, from Wednesday’s close to $76.40. There was no settlement for WTI on Thursday owing to a U.S. public holiday.

Inter-bank market rates for dollar on Friday

BID                            Rs 285.35

OFFER                      Rs 285.55

Open-market movement

In the open market, the PKR lost 50 paisa for both buying and selling against USD, closing at 283.50 and 286.50, respectively.

Against Euro, the PKR lost 1.00 rupee for both buying and selling, closing at 309.00 and 312.00, respectively.

Against UAE Dirham, the PKR lost 20 paisa for both buying and selling, closing at 77.50 and 78.20, respectively.

Against Saudi Riyal, the PKR lost 20 paisa for buying and remained unchanged for selling, closing at 75.70 and 76.30, respectively.

Open-market rates for dollar on Friday

BID                            Rs 283.50

OFFER                      Rs 286.50

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