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Markets

Rupee marginally strengthens against US dollar

  • Currency settles at 277.95 against the greenback in inter-bank market
Published March 29, 2024

The Pakistani rupee registered a marginal gain against the US dollar, appreciating 0.03% during trading in the inter-bank market on Friday.

At close, the local unit settled at 277.95, up by Re0.08 against the greenback, as per the State Bank of Pakistan (SBP).

On Thursday, the rupee remained largely stable to settle at 278.03 against the US dollar, according to the State Bank of Pakistan (SBP).

In a key development, data released by the National Accounts Committee (NAC) on Thursday revealed that the country’s Gross Domestic Product (GDP) posted a modest growth of 1% during the 2nd quarter against the revised 2.5% in the 1st quarter of the current fiscal year 2023-24 and 2.2% in the 2nd quarter of the last fiscal year 2022-23.

Overall GDP for Q1 for the financial year 2023-24 has witnessed a revised growth of 2.5% as compared to the 2.13% estimated in the 107th NAC meeting.

Internationally, the US dollar slightly improved against China’s yuan on Friday as it neared the end of a volatile week in which the Chinese central bank attempted to slow the pace of the currency’s fall against a buoyant dollar.

Traders awaiting fresh US inflation data later in the day expect further downward pressure on the yuan, as well as rising volatility.

The Federal Reserve’s preferred gauge of inflation may have picked up pace in February potentially giving another boost to the dollar.

Inter-bank market rates for dollar on Friday

BID                            Rs 277.95

OFFER                      Rs 278.15

Open-market movement

In the open market, the PKR gained 18.00 paisa for buying and 14.00 paisa for selling against USD, closing at 277.86 and 280.27, respectively.

Against Euro, the PKR gained 1.36 rupee for buying and 1.43 rupee for selling, closing at 297.63 and 300.47, respectively.

Against UAE Dirham, the PKR gained 5.00 paisa for buying and 4.00 paisa for selling, closing at 75.40 and 76.12, respectively.

Against Saudi Riyal, the PKR gained 5.00 paisa for buying and 4.00 paisa for selling, closing at 73.65 and 74.35, respectively.

Open-market rates for dollar on Friday

BID                            Rs 277.86

OFFER                      Rs 280.27

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