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Markets

Rupee appreciates marginally against US dollar

  • Currency settles at 279.34 in inter-bank market
Published February 7, 2024

The Pakistani rupee registered marginal improvement as it appreciated 0.03% against the US dollar in the inter-bank market on Wednesday.

At close, the local unit settled at 279.34 after a gain of Re0.08 against the greenback, as per the State Bank of Pakistan (SBP).

On Tuesday, the rupee remained largely stable to settle at 279.42 against the US dollar, according to the SBP.

In a key development, S&P Global Ratings on Tuesday said a more stable political environment in Pakistan is likely to be an important precondition to repairing the government’s creditworthiness.

The ratings agency in a note on Pakistan stated that together with new policy moves to improve investor confidence and bring down inflation, this could lift fiscal and external metrics sufficiently for the sovereign ratings to move to the “B” rating category.

It further stated that if the coming elections yield a government that has popular support and able to work with key institutions in the country, it will have a better chance of securing external financing from the International Monetary Fund (IMF).

The Pakistani general elections are scheduled to be held on February 8, 2024.

Globally, the US dollar remained under pressure on Wednesday after retreating from a nearly three-month high against the euro in the previous session with a decline in US bond yields adding to the drag.

Analysts pointed to technical factors for the dollar’s pullback, following a two-day rally of as much as 1.4% against the euro after unexpectedly strong US jobs data and more hawkish rhetoric from Federal Reserve Chair Jerome Powell scuppered bets for an early interest rate cut.

US Treasury yields also turned down from highs overnight on solid demand at a sale of new three-year notes, removing some support for the dollar.

The dollar was little changed at $1.0755 per euro in early Asia trade on Wednesday, after retreating 0.1% on Tuesday, when it had earlier touched the strongest level since Nov. 14 at $1.0722.

The US dollar index – which measures the currency against six major peers, including the euro – was flat at 104.14, following Tuesday’s 0.29% slide. It had reached its highest since Nov. 14 at 104.60 on Monday.

Oil prices, a key indicator of currency parity, rose for a third day on Wednesday after US crude inventories grew less than expected and a cut in the forecast for output growth in the US, the world’s biggest producer, eased concerns about potential oversupply.

Brent crude futures were up 26 cents to $78.85 a barrel as of 0914 GMT, while US West Texas Intermediate crude climbed 27 cents to $73.58.

Inter-bank market rates for dollar on Wednesday

BID                            Rs 279.34

OFFER                      Rs 279.54

Open-market movement

In the open market, the PKR gained 23.00 paisa for buying and 8.00 paisa for selling against USD, closing at 278.87 and 281.05, respectively.

Against Euro, the PKR gained 30.00 paisa for buying and 29.00 paisa for selling, closing at 299.18 and 301.95, respectively.

Against UAE Dirham, the PKR gained 8.00 paisa for buying and 10.00 paisa for selling, closing at 76.14 and 76.85, respectively.

Against Saudi Riyal, the PKR gained 13.00 paisa for both buying and selling, closing at 74.19 and 74.85, respectively.

Open-market rates for dollar on Wednesday

BID                            Rs 278.87

OFFER                      Rs 281.05

Comments

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Tulukan Mairandi Feb 07, 2024 04:30pm
Election ploy
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