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Markets

Inter-bank: rupee records ninth successive gain against US dollar

  • Currency appreciates 0.09%, settles at 282.53 against greenback
Published December 22, 2023

The Pakistani rupee continued its upward climb against the US dollar for the ninth successive session as it appreciated 0.09% in the inter-bank market on Friday.

As per the State Bank of Pakistan (SBP), the rupee settled at 282.53 after an increase of Re0.26.

On Thursday, the rupee had registered a marginal gain to settle at 282.79 against the US dollar.

In a related development, foreign exchange reserves held by the State Bank of Pakistan (SBP) reserves fell below $7 billion. The reserves decreased by $136 million to $6.904 billion due to debt repayments during the week ended December 15, 2023.

Internationally, the US dollar languished near a more than four-month low on Friday ahead of a reading on a key US inflation gauge due later in the day, which will provide further clarity on how much room the Federal Reserve has to cut interest rates next year.

The greenback hit a five-month trough against the New Zealand dollar and a three-week low against the euro in early Asia trade, resuming its decline after a sudden bout of risk aversion in New York hours on Wednesday led to a selloff in US stocks and a rise in the dollar.

Focus turned to the US core personal consumption expenditures (PCE) print - the Fed’s preferred measure of underlying inflation - for clues on how far inflation in the world’s largest economy is slowing. Expectations were for the core PCE price index to have risen 3.3% on an annual basis, as compared to October’s 3.5%.

Against a basket of currencies, the greenback was last at 101.76, pinned near a more than four-month low of 101.72 hit in the previous session.

The dollar index was on track for a weekly loss of about 0.8% and looked set to extend last week’s 1.3% decline, after the Fed left the door open to rate cuts next year at its last policy meeting for 2023.

Oil prices, a key indicator of currency parity, rose as much as 1% on Friday as tensions persisted in the Middle East following Houthi attacks on ships in the Red Sea, although Angola’s decision to leave OPEC raised questions over the group’s effectiveness in supporting prices.

Brent crude futures were up 92 cents, or 1.16%, to $80.31 a barrel by 0931 GMT ahead of Friday’s earlier 1230 GMT close ahead of the Christmas holiday weekend.

US West Texas Intermediate crude futures were up 96 cents, or 1.3%, at $74.85 a barrel.

Inter-bank market rates for dollar on Friday

BID                            Rs 282.55

OFFER                      Rs 282.75

Open-market movement

In the open market, the PKR gained 25 paisa for both buying and selling against USD, closing at 281.00 and 284.00, respectively.

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

Against UAE Dirham, the PKR gained 30 paisa for buying and 40 paisa for selling, closing at 76.50 and 77.20, respectively.

Against Saudi Riyal, the PKR gained 20 paisa for both buying and selling, closing at 74.80 and 75.50, respectively.

Open-market rates for dollar on Friday

BID                            Rs 281.00

OFFER                      Rs 284.00

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