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Markets

Rupee gains marginally against US dollar

  • Currency settles at 279.36 in inter-bank market
Published February 16, 2024

The Pakistani rupee saw a slight improvement as it appreciated 0.01% against the US dollar in the inter-bank market on Friday.

At close, the local unit settled at 279.36 after a gain of Re0.02 against the greenback, as per the State Bank of Pakistan (SBP).

On Thursday, the rupee registered a marginal decline to settle at 279.38 against the US dollar, according to the SBP.

In a key development, the country’s total liquid foreign reserves rose by $52 million and stood at $13.14 billion end of the last week, the SBP reported on Thursday.

During the week ended on Feb 9, 2024, SBP’s reserves increased by $13 million to reach $8.057 billion up from $8.044 billion. However, net foreign reserves held by commercial banks surged by $39 million to $5.093 billion end of last week compared to $5.054 billion a week earlier.

Internationally, the US dollar was steady on Friday, on track for its fifth straight weekly gain, as investors take stock of economic data and firm expectations of the Federal Reserve cutting rates in June, while the yen traded at the psychologically key 150 per dollar level.

The dollar index, which measures the US currency against six major rivals, was up 0.09% at 104.35 on Friday, having eased 0.4% on Thursday.

The index is on course to eke out a 0.2% gain for the week, its fifth in a row.

The dollar slipped on Thursday after a mixed set of US economic data, with retail sales falling more than expected in January, pulled down by declines in receipts at auto dealerships and gasoline service stations.

Oil prices, a key indicator of currency parity, slipped on Friday as a forecast of slowing demand by the International Energy Agency offset support from geopolitical tensions and hopes that the US Federal Reserve might cut interest rates sooner than expected.

Weighing on sentiment, the IEA said on Thursday that global oil demand growth was losing momentum and it trimmed its 2024 growth forecast, in contrast to the view held by the Organization of the Petroleum Exporting Countries (OPEC).

Brent crude futures were down 53 cents, or 0.6%, at $82.33 a barrel at 0915 GMT.

US West Texas Intermediate crude futures fell 33 cents to $77.70.

Inter-bank market rates for dollar on Friday

BID                            Rs 279.36

OFFER                      Rs 279.56

Open-market movement

In the open market, the PKR lost 10.00 paisa for buying and 17.00 paisa for selling against USD, closing at 279.32 and 281.77, respectively.

Against Euro, the PKR lost 48.00 paisa for buying and 43.00 paisa for selling, closing at 299.53 and 302.30, respectively.

Against UAE Dirham, the PKR lost 6.00 paisa for both buying and selling, closing at 76.08 and 76.81, respectively.

Against Saudi Riyal, the PKR gained 2.00 paisa for buying and remained unchanged for selling, closing at 74.25 and 74.95, respectively.

Open-market rates for dollar on Friday

BID                            Rs 279.32

OFFER                      Rs 281.77

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