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Markets

Rupee largely stable against US dollar

  • Currency settles at 278.74 against the greenback in inter-bank market
Published March 15, 2024

The rupee was largely stable against the US dollar, appreciating 0.01% in the inter-bank market on Friday.

At close, the local unit settled at 278.74, up by Re0.03 against the greenback, as per the State Bank of Pakistan (SBP).

On Thursday, the rupee registered a marginal improvement to settle at 278.77 against the US dollar, according to the SBP.

In a key development, the International Monetary Fund (IMF) and Pakistan kick-started talks on Thursday during the second and last review of Pakistan’s ongoing bailout programme, its finance ministry said.

In a statement, the ministry said the IMF and Islamabad discussed Pakistan’s overall macro-economic indicators, efforts on fiscal consolidation, structural reforms, energy sector viability and state-owned entity governance.

Finance Minister Muhammad Aurangzeb had expressed the government’s commitment towards working with the IMF on the reforms agenda for economic growth and stability, said the Finance Ministry on Thursday.

Internationally, the US dollar was firm on Friday and set to snap a three-week losing streak as hotter-than-expected US inflation data stoked worries about when and by how much the Federal Reserve would start cutting interest rates this year.

Data on Thursday showed the US producer price index for final demand rose 0.6% in February above the 0.3% rise economists had forecast.

That came after figures on Tuesday showed consumer prices increased strongly for a second straight month in February.

The US central bank is due to meet next week and while the is not expecting any change in interest rates, investors will be closely watching for its economic projections and comments from Fed Chair Jerome Powell.

Oil prices, a key indicator of currency parity, edged lower on Friday but were on track to gain nearly 4% for the week, boosted by the International Energy Agency revising its 2024 oil demand forecasts higher and an unexpected decline in US stockpiles.

Brent crude oil futures fell 38 cents or 0.4% to $85.04 a barrel at 0751 GMT, after crossing $85 a barrel for the first time since November on Thursday.

US West Texas Intermediate (WTI) crude fell 35 cents or 0.4% to $80.91.

Inter-bank market rates for dollar on Friday

BID                            Rs 278.74

OFFER                      Rs 278.94

Open-market movement

In the open market, the PKR lost 5.00 paisa for buying and gained 1.00 paisa for selling against USD, closing at 278.66 and 281.25, respectively.

Against Euro, the PKR gained 1.60 rupee for buying and 1.62 rupee for selling, closing at 301.65 and 304.58, respectively.

Against UAE Dirham, the PKR lost 1.00 paisa for buying and remained unchanged for selling, closing at 75.73 and 76.44, respectively.

Against Saudi Riyal, the PKR lost 2.00 paisa for buying and 1.00 paisa for selling, closing at 73.98 and 74.67, respectively.

Open-market rates for dollar on Friday

BID                            Rs 278.66

OFFER                      Rs 281.25

Comments

200 characters
Ali AYC Mar 15, 2024 06:01pm
can anyone confirm, in which rate USD is available in Pakistan to purchase from open market ??
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