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Markets

Rupee weakens against US dollar

  • Currency settles at 279.57 against the US dollar in inter-bank market
Published February 20, 2024

The Pakistani rupee slipped lower against the US dollar, depreciating 0.08% in the inter-bank market on Tuesday.

At close, the local unit settled at 279.57, a loss of Re0.21 against the greenback, as per the State Bank of Pakistan (SBP).

On Monday, the rupee remained unchanged to settle at 279.36 against the US dollar, according to the SBP.

In a key development, Fitch Ratings, a global rating agency, on Monday said the close outcome of Pakistan’s election and resulting near-term political uncertainty “may complicate” the country’s efforts to secure a new financing agreement with the International Monetary Fund (IMF).

The ongoing $3-billion Stand-By Arrangement (SBA) is scheduled to expire in March 2024.

“The current SBA is an interim package and we believe any successor arrangement would come with tougher conditions, which may be resisted by entrenched vested interests in Pakistan,” said Fitch Ratings.

Internationally, the US dollar was at a three-month high against the yen on Tuesday as sticky US inflation bolstered the case for higher-for-longer interest rates.

The greenback last bought 150.25 yen , having already surpassed the psychological 150 per dollar level for six straight sessions and prompting warnings from Japanese officials in a bid to stabilise the currency.

Higher-than-expected US producer prices and consumer prices data last week further scaled back market expectations of how soon, and by how much, the Federal Reserve could ease interest rates this year, with futures pointing to just about 90 basis points worth of cuts in 2024, down from about 160 bps at the end of last year.

Oil prices, a key indicator of currency parity, edged lower on Tuesday but remained near three-week highs on heightened Middle East tensions and as China showed some signs of economic recovery.

Brent futures dipped 29 cents or 0.35% to $83.27 a barrel by 0912 GMT.

US West Texas Intermediate (WTI) crude for April delivery fell 38 cents, or 0.38%, to $78.08 a barrel.

The March WTI contract rose 8 cents or 0.1% to $79.27 a barrel ahead of its expiry during the session.

There was no settlement for WTI on Monday due to a US public holiday.

Inter-bank market rates for dollar on Tuesday

BID                            Rs 279.57

OFFER                      Rs 279.77

Open-market movement

In the open market, the PKR lost 10.00 paisa for buying and 16.00 paisa for selling against USD, closing at 279.67 and 282.32, respectively.

Against Euro, the PKR gained 17.00 paisa for buying and 9.00 paisa for selling, closing at 300.06 and 303.00, respectively.

Against UAE Dirham, the PKR lost 8.00 paisa for both buying and selling, closing at 76.14 and 76.89, respectively.

Against Saudi Riyal, the PKR lost 9.00 paisa for both buying and selling, closing at 74.34 and 75.03, respectively.

Open-market rates for dollar on Tuesday

BID                            Rs 279.67

OFFER                      Rs 282.32

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