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Markets

Inter-bank: rupee rebounds against US dollar

  • Currency appreciates 0.04%, settles at 283.78 against greenback
Published December 12, 2023

The Pakistani rupee registered gains against the US dollar as it appreciated 0.04% in the inter-bank market on Tuesday.

As per the State Bank of Pakistan (SBP), the rupee settled at 283.78 after an increase of Re0.12.

On Monday, the rupee recorded a slight decline to settle at 283.90 against the US dollar.

Internationally, the US dollar was waiting on US inflation data and a slew of central bank meetings.

The dollar rose about 0.9% on the yen overnight. At 145.96 yen it is about 3% above a low touched last week after remarks on the challenging outlook from Bank of Japan Governor Kazuo Ueda were taken as a hint that a policy shift was imminent.

Other currency pairs were broadly steady with the euro at $1.0765 as the market focus turns on US inflation data and beyond it to Wednesday’s Federal Reserve policy decision.

The dollar has been sliding since October’s benign US inflation report but found a footing on upbeat jobs data published on Friday.

The Fed is considered certain to hold rates at 5.25%-5.50% this week, putting the focus on the so-called dot plots for rates and Chair Jerome Powell’s press conference.

Expectations for a March cut have ebbed, though May is seen as a better-than 3/4 chance.

Oil prices, a key indicator of currency parity, rose on Tuesday as an attack by the Iran-aligned Houthis on a chemical tanker escalated geopolitical tension in the Middle East, though concerns over excess supply and slowing demand kept a lid on gains.

A cruise missile launched from Houthi-controlled Yemen struck a commercial chemical tanker, causing a fire and damage but no casualties in the latest such attack to heighten safety risks for tankers in vital shipping lanes.

Brent crude futures for February rose 21 cents, or 0.3%, to $76.24 a barrel by 0915 GMT, while US West Texas Intermediate crude futures for January delivery gained 27 cents, or 0.4%, to $71.59.

Inter-bank market rates for dollar on Tuesday

BID                            Rs 283.80

OFFER                      Rs 284.00

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 remained unchanged for both buying and selling, closing at 305.00 and 308.00, respectively.

Against UAE Dirham, the PKR lost 10 paisa for both buying and selling, closing at 77.40 and 78.10, respectively.

Against Saudi Riyal, the PKR lost 10 paisa for both buying and selling, closing at 75.40 and 76.10, respectively.

Open-market rates for dollar on Tuesday

BID                            Rs 281.75

OFFER                      Rs 284.75

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M Naeem Dec 12, 2023 11:24am
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03093002269Rizwan Dec 14, 2023 03:21am
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