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Markets

Rupee records further decline against US dollar

  • Currency settles at 278.29 against the US dollar in inter-bank market
Published April 16, 2024

The Pakistani rupee sustained further losses, depreciating 0.06% against the US dollar in the inter-bank market on Tuesday.

At close, the local unit settled at 278.29, a loss of Re0.17 against the greenback, as per the State Bank of Pakistan (SBP).

On Monday, the rupee had registered a marginal decline to settle at 278.12 against the US dollar, according to the SBP.

Internationally, the US dollar stood just off its highest since early November against a handful of peer currencies on Tuesday, raising intervention worries as the yen languished at its lowest level since 1990 following hotter-than-expected US retail sales.

In the US, retail sales rose 0.7% last month, compared with the 0.3% rise that economists polled by Reuters had forecast.

Data for February was also revised higher to show sales rebounding 0.9%, which was the largest gain in just over a year, instead of the previously reported 0.6%.

The latest data has raised more questions about when the Federal Reserve could begin cutting interest rates, following robust employment gains in March and a pick-up in consumer inflation.

Markets are now pricing in a 41% chance of the Fed cutting rates in July, compared with around 50% before the data, according to CME FedWatch tool.

The US dollar index touched 106.27, the highest since Nov. 2, after the data. It last hovered around 106.23.

Oil prices, a key indicator of currency parity, edged lower on Tuesday as easing concern about supply risks and a rapidly escalating conflict after Iran’s weekend attack on Israel offset data showing China’s economy grew faster than expected in the first quarter.

Also weighing was stronger-than-expected US retail sales for March that further reinforced expectations the US Federal Reserve is unlikely to rush to cut interest rates, a scenario that dampens the prospects for oil demand.

Brent futures for June delivery fell 26 cents, or 0.3%, to $89.84 a barrel by 0935 GMT. US crude for May slipped 20 cents, or 0.2%, to $85.21.

Inter-bank market rates for dollar on Tuesday

BID                            Rs 278.29

OFFER                      Rs 278.49

Open-market movement

In the open market, the PKR lost 16.00 paisa for buying and 2.00 paisa for selling against USD, closing at 277.16 and 279.68, respectively.

Against Euro, the PKR gained 92.00 paisa for buying and 96.00 paisa for selling, closing at 293.07 and 295.87, respectively.

Against UAE Dirham, the PKR lost 3.00 paisa for buying and 4.00 paisa for selling, closing at 75.32 and 76.04, respectively.

Against Saudi Riyal, the PKR lost 3.00 paisa for both buying and selling, closing at 73.30 and 73.97, respectively.

Open-market rates for dollar on Tuesday

BID                            Rs 277.16

OFFER                      Rs 279.68

Comments

200 characters
Kashif ALI Apr 16, 2024 07:49pm
The PKR is moving towards its real worth. Keep it up!!!
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