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Markets

Rupee moves higher against US dollar

  • Currency settles at 279.28 in inter-bank market
Published February 9, 2024

The Pakistani rupee registered marginal improvement as it appreciated 0.02% against the US dollar in the inter-bank market on Friday.

At close, the local unit settled at 279.28 after a gain of Re0.06 against the greenback, as per the State Bank of Pakistan (SBP).

On Wednesday, the rupee registered a marginal gain to settle at 279.34 against the US dollar, according to the SBP.

Unofficial and preliminary results for the country’s general elections started to come in after millions of citizens exercised their right to vote on Thursday.

As per preliminary and unofficial results, PTI-backed independent candidates were ahead of their rival candidates in several NA seats early Friday.

Globally, the US dollar grounded towards a fourth weekly advance as traders dialled back bets on how quickly the Bank of Japan will raise interest rates and how soon the Federal Reserve will cut them.

The dollar index – which measures the currency against six major peers – was steady at 104.15, having gained 0.1% on Thursday after fresh data pointed to the resilience of the U.S. labor market, dealing another blow to bets for early Fed rate cuts.

For the week, the dollar index has climbed 0.18%, getting off to a strong start after blowout monthly payrolls data last Friday and a hawkish tilt from Fed Chair Jerome Powell in a “60 Minutes” interview aired Sunday.

The next major scheduled US data release is January’s Consumer Price Index (CPI) inflation reading on Tuesday.

Oil prices, a key indicator of currency parity, were little changed on Friday, staying on track for weekly gains, with tensions persisting in the Middle East after Israel rejected a ceasefire offer from Hamas.

Brent crude futures slipped 6 cents, or 0.1%, to $81.69 a barrel by 0851 GMT, while U.S. West Texas Intermediate crude futures rose 21 cents, or 0.3%, to $76.43 a barrel.

Prices rose about 3% in the previous session as Israeli forces bombed the southern border city of Rafah on Thursday after Prime Minister Benjamin Netanyahu rejected a proposal to end the war in the Palestinian enclave.

The tensions have kept oil prices elevated, with Brent and WTI both set to gain nearly 6% for the week.

Inter-bank market rates for dollar on Friday

BID                            Rs 279.28

OFFER                      Rs 279.48

Open-market movement

In the open market, the PKR lost 2.00 paisa for buying and gained 5.00 paisa for selling against USD, closing at 278.89 and 281.00, respectively.

Against Euro, the PKR lost 9.00 paisa for buying and 5.00 paisa for selling, closing at 299.27 and 302.00, respectively.

Against UAE Dirham, the PKR gained 2.00 paisa for buying and 3.00 paisa for selling, closing at 76.12 and 76.82, respectively.

Against Saudi Riyal, the PKR gained 1.00 paisa for buying and remained unchanged for selling, closing at 74.18 and 74.85, respectively.

Open-market rates for dollar on Friday

BID                            Rs 278.89

OFFER                      Rs 281.00

Comments

200 characters
Wahidullah Feb 11, 2024 08:50am
#plz I only face on face meeting on table plz
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