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Markets

Rupee records marginal gain against US dollar

  • Currency settles at 278.14 against the US dollar in inter-bank market
Published March 22, 2024

The Pakistani rupee registered marginal improvement against the US dollar, appreciating 0.1% in the inter-bank market on Friday.

At close, the local unit settled at 278.14, up by Re0.27 against the greenback, as per the State Bank of Pakistan (SBP).

On Thursday, the rupee registered marginal improvement to settle at 278.41 against the US dollar, according to the SBP.

The country has borrowed $6.678 billion from multiple financing sources during the first eight months (July-February) of the current fiscal year 2023-24 compared to $7.407 billion borrowed during the same period of 2022-23, revealed Economic Affairs Division (EAD) data.

Globally, the US dollar was set for a second week of broad gains on Friday, with even a rate hike in Japan unable to dislodge it, as investors figure US rates are high and not falling yet.

The US Federal Reserve left its funds rate on hold between 5.25% and 5.5% this week and stuck with projections for three cuts by year’s end.

Market expectations for US rate cuts increased after that but only very slightly. About 80 basis points of cuts are now priced in for this year - much lower than the 160 or so that had been priced in at the start of the year.

The US dollar index is up for a second week in a row, climbing 0.5% to 103.94.

Oil prices, a key indicator of currency parity, slipped on Friday on the possibility of a nearing Gaza ceasefire that could ease geopolitical concerns in the Middle East, while a stronger dollar and faltering US gasoline demand also weighed on prices.

Brent crude futures fell 53 cents, or 0.6%, to $85.25 a barrel by 0651 GMT.

US crude futures shed 52 cents, or 0.6%, to $80.55 per barrel.

Both contracts are set to end the week flat or down slightly after rising more than 3% last week.

Inter-bank market rates for dollar on Friday

BID                            Rs 278.14

OFFER                      Rs 278.34

Open-market movement

In the open market, the PKR gained 10.00 paisa for buying and 13.00 paisa for selling against USD, closing at 278.14 and 280.73, respectively.

Against Euro, the PKR gained 2.62 rupees for buying and 2.60 rupees for selling, closing at 299.52 and 302.46, respectively.

Against UAE Dirham, the PKR gained 5.00 paisa for buying and 6.00 paisa for selling, closing at 75.50 and 76.22, respectively.

Against Saudi Riyal, the PKR gained 6.00 paisa for buying and 8.00 paisa for selling, closing at 73.74 and 74.42, respectively.

Open-market rates for dollar on Friday

BID                            Rs 278.14

OFFER                      Rs 280.73

Comments

200 characters
Ahmed Zubair Siddiqui Mar 23, 2024 12:04pm
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