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Inter-bank: rupee settles lower against US dollar

  • Currency depreciates 0.01%, settles at 283.90 against greenback
Published December 11, 2023

The Pakistani rupee’s appreciation run against the US dollar finally came to a halt as the currency dipped a marginal 0.01% in the inter-bank market on Monday.

As per the State Bank of Pakistan (SBP), the rupee settled at 283.90 after a decrease of Re0.03.

During the previous week, the rupee extended gains as it appreciated 0.38% or Rs1.10 to settle at 283.87 against the US dollar in the inter-bank market.

It was the fourth 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 the first review of the $3 billion Stand-by Arrangement (SBA).

The 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.

In a key development, Pakistan’s Gross Domestic Product (GDP) has been estimated at 2.17% for the first quarter of the current fiscal year by the Pakistan Bureau of Statistics (PBS); however, a negative financial account in October 2023 indicates the country is not getting new inflows from abroad.

Speaking at “Paisa Bolta Hai” with Anjum Ibrahim on the state of the economy, former finance minister Dr Hafeez Pasha said certainly everyone desires that country’s economy, which has declined considerably, begins improving but there is a mix picture with overall a small beginning.

Internationally, the US dollar started Monday on the front foot, with a reading on US inflation and the Federal Reserve’s last policy meeting for the year likely to set the tone for the week.

Data on Friday showed US job growth accelerated in November while the unemployment rate fell to 3.7%, underscoring the resilience of the labour market in the world’s largest economy and challenging expectations of imminent rate cuts from the Fed beginning early next year.

The index gained more than 0.7% last week, reversing three weeks of loss.

Focus now turns to the Federal Open Market Committee (FOMC) policy meeting later this week and US inflation data due ahead of that, where expectations are for consumer prices to continue easing on an annual basis.

Oil prices, a key indicator of currency parity, held steady on Monday as US efforts to replenish strategic reserves provided support, though concerns persist about oversupply and softer fuel demand growth next year.

Brent crude futures edged up 2 cents to $75.86 a barrel by 0913 GMT. US West Texas Intermediate crude futures were up a single cent at $71.22.

Inter-bank market rates for dollar on Monday

BID                            Rs 283.90

OFFER                      Rs 284.10

Open-market movement

In the open market, the PKR remained unchanged 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 305.00 and 308.00, respectively.

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

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

Open-market rates for dollar on Monday

BID                            Rs 281.75

OFFER                      Rs 284.75

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