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Markets

Inter-bank: rupee sees 9th consecutive gain against US dollar

  • Currency appreciates 0.09%, settles at 283.87 against greenback
Published December 8, 2023

The Pakistani rupee continued to march upwards against the US dollar for the ninth consecutive session as it appreciated a marginal 0.09% in the inter-bank market on Friday.

As per the State Bank of Pakistan (SBP), the rupee settled at 283.87 after an increase of Re0.25.

On Thursday, the rupee recorded a marginal increase to settle at 284.12 against the US dollar.

As per a report from Bloomberg, the International Monetary Fund’s (IMF) executive board will meet on January 11 to consider the final approval to disburse the next $700 million tranche from its current loan programme with Pakistan.

Globally, the broad strength from the yen kept a lid on the US dollar on Friday, which stayed on the defensive ahead of the closely-watched US nonfarm payrolls report due later on Friday.

In the broader market, the dollar largely drifted sideways, with currency moves outside of the yen subdued ahead of Friday’s US jobs data.

The US dollar index slipped 0.05% to 103.63, though was on track to gain 0.4% for the week.

That would snap three straight weeks of declines, as the greenback attempts to stem losses from its heavy selloff in November.

Oil prices, a key indicator of currency parity, were headed for a seventh straight weekly decline on worries over a global supply surplus and weak Chinese demand, although prices recovered ground on Friday after Saudi Arabia and Russia called for more OPEC+ members to join output cuts.

Brent crude futures were up $1.93, or 2.6%, at $75.98 a barrel at 0913 GMT, while US West Texas Intermediate crude futures were up $1.82, or 2.6%, to $71.16 a barrel.

Inter-bank market rates for dollar on Friday

BID                            Rs 283.85

OFFER                      Rs 284.05

Open-market movement

In the open market, the PKR gained 25 paisa for both buying and selling against USD, closing at 281.75 and 284.75, respectively.

Against Euro, the PKR lost 1.00 rupee for both buying and selling, closing at 304.00 and 307.00, respectively.

Against UAE Dirham, the PKR lost 10 paisa for both buying and selling, closing at 77.10 and 77.80, respectively.

Against Saudi Riyal, the PKR lost 10 paisa for both buying and selling, closing at 75.10 and 75.80, respectively.

Open-market rates for dollar on Friday

BID                            Rs 281.75

OFFER                      Rs 284.75

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