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Markets

Rupee registers minor loss against US dollar

  • Currency settles at 279.08 in inter-bank market
Published March 11, 2024

After back-to-back gains, the Pakistani rupee registered a minor loss against the US dollar, depreciating 0.01% in the inter-bank market on Monday.

At close, the local unit settled at 279.08, a loss of Re0.04, against the greenback, as per the State Bank of Pakistan (SBP).

During the previous week, the rupee increased marginally for the second consecutive week as it gained Re0.15 or 0.05% against the US dollar in the inter-bank market.

The local unit remained at the losing end in the first three sessions of the week. However, the last two helped the currency gain ground as it closed the week at 279.04 level against the greenback, compared to 279.19 it had closed the week earlier, according to the SBP.

In a key development during the previous week, Moody’s Investors Service (Moody’s) upgraded the outlook of Pakistan’s banking sector to ‘stable’ from ‘negative’ as macro challenges and fiscal pressures ease.

Globally, the yen strengthened against the dollar on Monday as signs the Bank of Japan will exit negative interest rates at its policy meeting next week contrasted with expectations for the Federal Reserve to cut rates in June.

The dollar index, which measures the currency against the yen and five other major rivals, stuck close to a nearly two-month low reached Friday, when monthly payrolls figures signalled a cooling US labour market, keeping the Fed on track to ease policy.

The greenback eased 0.17% to 146.82 yen, heading back toward the five-week low of 146.48 reached on Friday.

The dollar index was flat at 102.68, hovering not far from Friday’s low of 102.33, a level not seen since Jan. 15.

Oil prices, a key indicator of currency parity, extended last week’s losses on Monday on concern about slow demand in China, although lingering geopolitical risk surrounding the Middle East and Russia limited the decline.

Brent futures fell 12 cents, or 0.2%, to $81.96 a barrel as at 0723 GMT, while US West Texas Intermediate (WTI) dropped 21 cents, or 0.2%, to $77.8.

Both benchmarks fell last week, with Brent down 1.8% and WTI 2.5% lower on bearish Chinese data which pointed to softer demand in the world’s no. 1 crude importer.

Inter-bank market rates for dollar on Monday

BID                            Rs 279.08

OFFER                      Rs 279.28

Open-market movement

In the open market, the PKR gained 3 paisa for buying and 7 paisa for selling against USD, closing at 279.03 and 281.61, respectively.

Against Euro, the PKR gained 27 paisa for buying and 17 paisa for selling, closing at 303.68 and 306.58, respectively.

Against UAE Dirham, the PKR gained 6 paisa for buying and 5 paisa for selling, closing at 75.81 and 76.53, respectively.

Against Saudi Riyal, the PKR gained 4 paisa for buying and 3 paisa for selling, closing at 74.05 and 74.75, respectively.

Open-market rates for dollar on Monday

BID                            Rs 279.03

OFFER                      Rs 281.61

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