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Markets

Rupee registers marginal loss against US dollar

  • Currency settles at 279.19 against US dollar in inter-bank market
Published March 1, 2024

The Pakistani rupee recorded a marginal decline against the US dollar, depreciating 0.03% in the inter-bank market on Friday.

At close, the local unit settled at 279.19, a loss of Re0.08, against the greenback, as per the State Bank of Pakistan (SBP).

On Thursday, the rupee remained largely stable to settle at 279.11 against the US dollar, according to the SBP.

In a key development, the country’s total liquid foreign reserves fell by $59 million during the last week due to debt repayments, the central bank reported on Thursday.

According to SBP, the total liquid foreign reserves held by the country stood at $13.039 billion as of Feb 23, 2024 compared to $ 13.098 billion as of Feb 16, 2024.

Globally, the US dollar was steady on Friday after data showed US inflation remained sticky but easing gradually, keeping alive the chance of the Federal Reserve cutting rates in June, while the yen slid back to the key 150 per dollar level.

Bitcoin’s blistering rally took a breather and was last at $61,622, near a more than two year high and within range of the record high.

The cryptocurrency surged 45% in February, its biggest monthly gain in more than three years, boosted by cash rushing into exchange-traded funds which were approved and launched this year in the United States.

The dollar index, which measures the US currency against six rivals, was at 104.11 after a volatile overnight session following the inflation report.

The data showed US prices picked up in January in line with expectations, while annual inflation slipped to the lowest in three years.

Oil prices, a key indicator of currency parity, rose on Friday and were heading for weekly gains, as markets awaited an OPEC+ decision on supply agreements for the second quarter while weighing fresh US and Chinese economic data. Brent futures for May were up $1.01, or 1.23%, at $82.92 a barrel by 0950 GMT.

The April Brent futures contract expired on Feb. 29 at $83.62 a barrel. US West Texas Intermediate (WTI) for April rose 97 cents, or 1.24%, to $79.23 a barrel.

Inter-bank market rates for dollar on Friday

BID                            Rs 279.19

OFFER                      Rs 279.39

Open-market movement

In the open market, the PKR gained 12.00 paisa for buying and 1.00 paisa for selling against USD, closing at 279.33 and 282.03, respectively.

Against Euro, the PKR gained 69.00 paisa for buying and 66.00 paisa for selling, closing at 300.72 and 303.59, respectively.

Against UAE Dirham, the PKR gained 1.00 paisa for both buying and selling, closing at 75.96 and 76.69, respectively.

Against Saudi Riyal, the PKR remained unchanged for buying and gained 1.00 paisa for selling, closing at 74.20 and 74.90, respectively.

Open-market rates for dollar on Friday

BID                            Rs 279.33

OFFER                      Rs 282.03

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