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Markets

Inter-bank: rupee registers 5th successive gain against US dollar

  • Currency appreciates 0.12%, settles at 284.53 against greenback
Published December 4, 2023

The Pakistani rupee continued its upward march against the US dollar for the fifth consecutive session as it appreciated 0.15% in the inter-bank market on Monday.

As per the State Bank of Pakistan (SBP), the rupee settled at 284.53, an increase of Re0.44.

During the previous week, the rupee saw marginal improvement as it appreciated 0.14% or Re0.40 to settle at 284.97 against the US dollar in the inter-bank market.

It was the third consecutive week that the rupee appreciated against the dollar, a momentum aided by the announcement of a staff-level agreement (SLA) between Pakistan and the International Monetary Fund (IMF) on first review of the $3 billion Stand-by Arrangement (SBA).

In a key development during the week, the Kingdom of Saudi Arabia (KSA) extended the term for a $3 billion deposit (maturing on December 5, 2023) placed with Pakistan for another one year to support Pakistan’s economy, the State Bank of Pakistan (SBP) said.

Internationally, the US dollar started the week on a shaky footing on Monday as markets took stock of cautious remarks from Federal Reserve Chair Jerome Powell as they waited on a key employment report that could influence the outlook for US interest rates.

Powell said on Friday it was clear that U.S. monetary policy was slowing the economy as expected, with the benchmark overnight interest rate “well into restrictive territory.”

While Powell reiterated that the Fed is prepared to tighten policy further if deemed appropriate, traders were convinced the rate-hike cycle was over.

Markets were pricing in a 60% chance of a rate cut by the March meeting compared with 21% just over a week ago, according to the CME’s FedWatch tool.

The US dollar index, which tracks the currency against six major counterparts, was last hovering around Friday’s close at 103.28.

Oil prices, a key indicator of currency parity, extended declines on Monday, pressured by investor scepticism over the latest OPEC+ decision on supply cuts and uncertainty surrounding global fuel demand, though the risk of supply disruptions from the Middle East conflict limited losses.

Monday’s fall adds to a 2% decline last week after the supply cuts announced on Thursday by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, together known as OPEC+.

Brent crude futures were down $1.10, or 1.4%, at $77.78 a barrel by 0921 GMT. US West Texas Intermediate crude futures fell $1.09, or 1.5%, to $72.98.

Inter-bank market rates for dollar on Monday

BID                            Rs 284.55

OFFER                      Rs 284.75

Open-market movement

In the open market, the PKR gained 50 paisa for both buying and selling against USD, closing at 282.50 and 285.50, respectively.

Against Euro, the PKR gained 1.00 rupee for both buying and selling, closing at 307.00 and 310.00, respectively.

Against UAE Dirham, the PKR gained 20 paisa for both buying and selling, closing at 77.30 and 78.00, respectively.

Against Saudi Riyal, the PKR gained 20 paisa for both buying and selling, closing at 75.30 and 76.00, respectively.

Open-market rates for dollar on Monday

BID                            Rs 282.50

OFFER                      Rs 285.50

Comments

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tariqkhan Dec 05, 2023 03:46pm
UC
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