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The Pakistani rupee recorded gains for the fourth successive session against the US dollar, appreciating 0.04% in the inter-bank market on Monday.

As per the State Bank of Pakistan (SBP), the rupee settled at 281.28 after an increase of Re0.12.

During the previous week, the rupee managed to appreciate 0.16% or Re0.46 to settle at 281.40 against the US dollar in the inter-bank market.

It was the eighth consecutive week that the local unit advanced against the greenback, 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).

In a key development during the previous week, State Bank of Pakistan (SBP) data showed that foreign exchange reserves held by the central bank increased by $464 million on a weekly basis, clocking in at $8.2 billion as of December 29.

Globally, the US dollar was steady on Monday ahead of a key US inflation report later in the week for further clarity on the Federal Reserve’s monetary policy outlook, after markets got off to a hesitant start to the year as rate cut bets were pared.

The greenback’s rally was underpinned by a rebound in U.S. Treasury yields as traders tempered their expectations of the pace and scale of Fed cuts this year.

A reading on US inflation due on Thursday could again alter those views, after data on Friday showed US employers hired more workers than expected in December while raising wages at a solid clip, pointing to a still-resilient labour market.

However, a separate survey out the same day showed the U.S. services sector slowed considerably last month, with a measure of employment dropping to the lowest level in nearly 3-1/2 years, painting a mixed picture of the world’s largest economy.

Oil prices, a key indicator of currency parity, fell by more than 1% on Monday on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output, offsetting worries about escalating geopolitical tension in the Middle East.

Brent crude slipped 0.93%, or 73 cents, to $78.03 a barrel by 0753 GMT after falling more than 1% earlier in the session, while U.S. West Texas Intermediate crude futures shed 1.04%, or 77 cents, to $73.04 a barrel.

Inter-bank market rates for dollar on Monday

BID                            Rs 281.28

OFFER                      Rs 281.48

Open-market movement

In the open market, the PKR lost 4.00 paisa for buying and gained 2.00 paisa for selling against USD, closing at 279.98 and 282.34, respectively.

Against Euro, the PKR lost 31.00 paisa for buying and 19.00 paisa for selling, closing at 306.00 and 308.84, respectively.

Against UAE Dirham, the PKR lost 3.00 paisa for buying and remained unchanged for selling, closing at 76.38 and 77.05, respectively.

Against Saudi Riyal, the PKR gained 2.00 paisa for buying and remained unchanged for selling, closing at 74.60 and 75.29, respectively.

Open-market rates for dollar on Monday

BID                            Rs 279.98

OFFER                      Rs 282.34

Comments

200 characters
Muhammadiqbaljaved Jan 09, 2024 09:11am
Yes
thumb_up Recommended (0) reply Reply
TruthSkr Jan 09, 2024 12:36pm
appreciating 0.04% in the inter-bank market on Monday Wow...in terms of dollars its zilch zero..
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