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Markets

Rupee marginally up against US dollar

  • Currency settles at 277.84 against the greenback in inter-bank market
Published April 2, 2024

The Pakistani rupee recorded a marginal gain, appreciating 0.04% against the US dollar in the inter-bank market on Tuesday.

At close, the local unit settled at 277.84, up by Re0.1 against the greenback, as per the State Bank of Pakistan (SBP).

On Monday, the rupee remained largely stable to settle at 277.94 against the US dollar, according to the SBP.

In a key development, Pakistan’s trade deficit narrowed by 24.94% in the first nine months (July-March) of the current fiscal year 2023-24 as it stood at $17.030 billion compared to $22.688 billion during the same period of last fiscal year, said the Pakistan Bureau of Statistics (PBS).

Pakistan’s headline inflation also clocked in at 20.7% on a year-on-year basis in March, lower than the reading in February when it stood at 23.1%. On a month-on-month basis, the reading was up 1.7%.

This is the lowest inflation reading since May 2022 when it stood at 13.8%, shared JS Global. It is also the first time in over three years that the CPI-based inflation figure has gone below the key policy rate, which currently stands at 22%.

Internationally, the US dollar hovered near a 4-1/2-month high against major peers on Tuesday as traders rushed to push back bets for the Federal Reserve’s first interest rate cut this year.

The dollar held close to a six-week peak versus the euro and sterling reached on Monday after US data unexpectedly showed the first expansion in manufacturing since September 2022.

The dollar index, which measures the currency against the yen, euro, sterling and three other peers, edged 0.02% higher to 105.02, following a 0.51% rally to as high as 105.07 on Monday.

Oil prices, a key indicator of currency parity, rose on Tuesday, underpinned by signs that demand may improve China and the US, the world’s biggest oil-consuming nations, and growing concerns of a widening conflict in the Middle East that could affect supply from the region.

Brent futures for June delivery rose 58 cents to $88 a barrel by 0641 GMT.

US West Texas Intermediate (WTI) crude futures for May rose 58 cents to $84.29 a barrel, after reaching the highest close for a front-month contract since Oct. 27 in the previous session.

Inter-bank market rates for dollar on Tuesday

BID                            Rs 277.84

OFFER                      Rs 278.04

Open-market movement

In the open market, the PKR gained 17.00 paisa for buying and 16.00 paisa for selling against USD, closing at 277.64 and 280.04, respectively.

Against Euro, the PKR gained 1.48 rupee for buying and 1.37 rupee for selling, closing at 296.25 and 299.13, respectively.

Against UAE Dirham, the PKR gained 2.00 paisa for buying and remained unchanged for selling, closing at 75.35 and 76.07, respectively.

Against Saudi Riyal, the PKR gained 9.00 paisa for buying and 6.00 paisa for selling, closing at 73.54 and 74.24, respectively.

Open-market rates for dollar on Tuesday

BID                            Rs 277.64

OFFER                      Rs 280.04

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