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Markets

Rupee registers some gain against US dollar

  • Currency settles at 278.21 against greenback in inter-bank market
Published May 17, 2024

The Pakistani rupee registered marginal improvement against the US dollar, appreciating 0.07% in the inter-bank market on Friday.

At close, the local unit settled at 278.21, a gain of Re0.19 against the greenback, as per the State Bank of Pakistan (SBP).

On Thursday, the rupee closed at 278.40, down by Re0.14.

In a key development, the government’s cost of borrowing and mark-up payments increased in the fiscal year 2022-23 consequent to an increase in the policy rate in response to inflation.

This was stated by the Budget Wing and Economic Adviser Wing (EAW) of the Finance Division in its Fiscal Policy Statement-January 2024 which was presented in the National Assembly on Thursday.

It added that the fiscal year 2023 has been unprecedented due to multiple challenges such as the international commodity super-cycle and balance of payments crisis, whereas, flood 2022 further intensified the macroeconomic vulnerabilities.

Internationally, the US dollar headed for its largest weekly fall versus the euro in two-and-a-half months on Friday as signs of cooling inflation and a softening US economy raised the prospect of rate cuts.

The euro is up 0.9% on the dollar this week, has broken above resistance around $1.0855 and traded as high as $1.0895 in the wake of US inflation posting a slowdown.

It was last at $1.0861.

April’s annual US inflation numbers met expectations but, since they were lower than the month before, they encouraged confidence that the Federal Reserve can cut interest rates in September and December - driving rallies in stocks and bonds and pressure on the dollar.

Oil prices, a key indicator of currency parity, rose on Friday, with global benchmark Brent set for its first weekly gain in three weeks as economic indicators from big consumers China and the United States bolstered hopes for higher demand.

Brent crude oil rose 39 cents, or 0.47%, to $83.66 a barrel by 0750 GMT.

US West Texas Intermediate (WTI) crude was up 22 cents, or 0.28%, at $79.45.

Inter-bank market rates for dollar on Friday

BID                            Rs 278.21

OFFER                      Rs 278.41

Open-market movement

In the open market, the PKR remained unchanged for buying and gained 4 paise for selling against USD, closing at 276.96 and 279.50, respectively.

Against Euro, the PKR gained 89 paise for buying and 91 paise for selling, closing at 299.18 and 302.08, respectively.

Against UAE Dirham, the PKR gained 5 paise for buying and 4 paise for selling, closing at 75.25 and 75.99, respectively.

Against Saudi Riyal, the PKR gained 10 paise for buying and 9 paise for selling, closing at 73.51 and 74.21, respectively.

Open-market rates for dollar on Friday

BID                            Rs 276.96

OFFER                      Rs 279.50

Comments

200 characters
Fatima May 18, 2024 01:36am
@Usman, blue world city will bid highest.
thumb_up Recommended (0) reply Reply