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Markets

Rupee slips marginally against US dollar

  • Currency settles at 279.36 against US dollar in inter-bank market
Published February 23, 2024

The Pakistani rupee marginally reduced against the US dollar, depreciating 0.01% in the inter-bank market on Friday.

At close, the local unit settled at 279.36, a loss of Re0.03 against the greenback, as per the State Bank of Pakistan (SBP).

On Thursday, the rupee improved marginally to settle at 279.33 against the US dollar, according to the SBP.

In a key development, Bloomberg News, citing a Pakistani official, reported on Thursday that Pakistan plans to seek a new loan of at least $6 billion from the International Monetary Fund (IMF) to help the incoming government repay billions in debt due this year.

IMF refrains to comment on Imran Khan’s letter, says keen on working with new govt

The country will seek to negotiate an Extended Fund Facility with the IMF, the report said, adding that the talks with the global lender were expected to start in March or April.

Moreover, the country’s total liquid foreign reserves decreased by $44 million to $8.012 billion during the week ended on February 16, 2024 due to debt repayments.

Globally, the yen headed for a fourth weekly drop on the dollar as investors chased better yields just about everywhere but Japan, wagering rates there would stay near zero for some time.

The greenback is the best performing. The dollar gained 0.1% to trade at 150.41 yen this week.

Oil prices, a key indicator of currency parity, were on track on Friday to snap a two-week winning streak after the US central bank indicated interest rate cuts could be delayed by at least two more months, but indications of healthy fuel demand and supply concerns could revive prices in coming days.

Brent crude futures were down 44 cents, or 0.5%, at $83.23 a barrel at 0524 GMT on Friday, while US West Texas Intermediate crude futures were 48 cents, or 0.6%, lower at $78.13.

Both benchmarks are on track to end the week lower, after two straight weeks of gains.

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 6.00 paisa for buying and 8.00 paisa for selling against USD, closing at 279.65 and 282.24, respectively.

Against Euro, the PKR gained 44.00 paisa for buying and 45.00 paisa for selling, closing at 301.16 and 304.13, respectively.

Against UAE Dirham, the PKR lost 3.00 paisa for buying and remained unchanged for selling, closing at 76.00 and 76.73, respectively.

Against Saudi Riyal, the PKR remained unchanged for buying and lost 1.00 paisa for selling, closing at 74.24 and 74.96, respectively.

Open-market rates for dollar on Friday

BID                            Rs 279.65

OFFER                      Rs 282.24

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