Inter-bank: rupee registered 3rd successive gain against US dollar

The Pakistani rupee registered gains against the US dollar for the third consecutive session as it appreciated 0.08% in the inter-bank market on Thursday.

As per the State Bank of Pakistan (SBP), the rupee settled at 285.17, an increase of Re0.22.

On Wednesday, the rupee registered a marginal gain to settle at 285.39 against the US dollar.

In a key development, the Kingdom of Saudi Arabia (KSA) extended the term for a $3 billion deposit placed with Pakistan to support Pakistan’s economy, State Bank of Pakistan (SBP) said on Wednesday.

According to the SBP, the Saudi Fund for Development (SFD) on behalf of the Kingdom of Saudi Arabia extended the term for the deposit of $3 billion maturing on December 5, 2023 for another one year.

Globally, the US dollar was rooted near a three-month low on Thursday and was set to post its steepest monthly decline in a year as investors ramped up bets that the Federal Reserve is done with rate hikes ahead of a crucial inflation report later in the day.

The dollar index , which measures US currency against six rivals, eased 0.058% to 102.74, not far from 102.46 - its lowest since Aug. 10 it touched on Wednesday.

The index is down 3.7% in November on growing expectations the Fed will cut interest rates in the first half of 2024.

The dollar clawed back some of its losses on Wednesday after data showed the U.S. economy grew faster in the third quarter than initially reported.

Oil prices, a key indicator of currency parity, were little changed on Thursday as investors eagerly awaited the outcome of an anticipated OPEC+ meeting that could lead to deeper supply cuts in 2024.

Brent crude futures for January climbed 70 cents to $83.80 a barrel by 0935 GMT, on subdued volumes given the contract is meant to expire today.

Meanwhile, US West Texas Intermediate crude futures crept up 55 cents at $78.41 a barrel.

Inter-bank market rates for dollar on Thursday

BID                            Rs 285.15

OFFER                      Rs 285.35

Open-market movement

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

Against Euro, the PKR gained 2.00 rupees for both buying and selling, closing at 308.00 and 311.00, respectively.

Against UAE Dirham, the PKR gained 30 paisa for both buying and selling, closing at 77.50 and 78.20, respectively.

Against Saudi Riyal, the PKR gained 50 paisa for both buying and selling, closing at 75.50 and 76.20, respectively.

Open-market rates for dollar on Thursday

BID                            Rs 283.50

OFFER                      Rs 286.50