AIRLINK 173.15 Increased By ▲ 15.74 (10%)
BOP 10.65 Increased By ▲ 0.28 (2.7%)
CNERGY 8.52 Increased By ▲ 0.20 (2.4%)
CPHL 97.46 Increased By ▲ 4.57 (4.92%)
FCCL 47.25 Increased By ▲ 0.52 (1.11%)
FFL 15.42 Increased By ▲ 0.54 (3.63%)
FLYNG 28.13 Increased By ▲ 1.15 (4.26%)
HUBC 138.91 Increased By ▲ 4.90 (3.66%)
HUMNL 12.81 Increased By ▲ 0.29 (2.32%)
KEL 4.54 Increased By ▲ 0.33 (7.84%)
KOSM 5.55 Increased By ▲ 0.16 (2.97%)
MLCF 62.26 Increased By ▲ 1.38 (2.27%)
OGDC 214.75 Increased By ▲ 6.23 (2.99%)
PACE 5.55 Increased By ▲ 0.15 (2.78%)
PAEL 44.86 Increased By ▲ 4.08 (10%)
PIAHCLA 18.70 Decreased By ▼ -0.10 (-0.53%)
PIBTL 10.74 Increased By ▲ 0.76 (7.62%)
POWER 12.26 Increased By ▲ 0.30 (2.51%)
PPL 173.87 Increased By ▲ 5.10 (3.02%)
PRL 36.22 Increased By ▲ 1.19 (3.4%)
PTC 23.56 Increased By ▲ 0.57 (2.48%)
SEARL 95.31 Increased By ▲ 2.21 (2.37%)
SSGC 39.13 Increased By ▲ 3.56 (10.01%)
SYM 14.02 Increased By ▲ 0.36 (2.64%)
TELE 7.23 Increased By ▲ 0.28 (4.03%)
TPLP 10.29 Increased By ▲ 0.29 (2.9%)
TRG 64.68 Increased By ▲ 4.01 (6.61%)
WAVESAPP 10.04 Increased By ▲ 0.34 (3.51%)
WTL 1.33 Increased By ▲ 0.03 (2.31%)
YOUW 3.70 Increased By ▲ 0.05 (1.37%)
BR100 12,492 Increased By 252.4 (2.06%)
BR30 37,694 Increased By 1300.9 (3.57%)
KSE100 116,189 Increased By 2036.1 (1.78%)
KSE30 35,750 Increased By 549.8 (1.56%)
Markets

Rupee slips lower against US dollar

  • Currency settles at 278.39 against greenback in inter-bank market
Published June 6, 2024

The Pakistani rupee registered a marginal decline against the US dollar, depreciating 0.03% in the inter-bank market on Thursday.

At close, the local unit settled at 278.39, a loss of Re0.09, against the greenback, as per the State Bank of Pakistan (SBP).

On Wednesday, the rupee had closed at 278.30.

In recent weeks, the domestic currency has largely been around 277-278 against the dollar as Pakistan moves forward with its plan to win a longer and longer International Monetary Fund (IMF) bailout programme.

Internationally, the US dollar eased on renewed bets of a US Federal Reserve easing cycle expected this year.

Markets have priced in nearly 50 basis points of Fed rate cuts this year, with the first expected to come in September.

Data on Wednesday showed the US services sector switched back into growth mode in May after a short-lived contraction the month before, though details of the survey pointed to employment remaining in contraction territory.

Against the US dollar, the kiwi touched a three-month top of $0.6201, while sterling rose 0.09% to $1.2800 and the Aussie edged 0.25% higher to $0.6664.

The dollar index eased 0.14% to 104.10.

Oil prices, a key indicator of currency parity, extended gains on Thursday with support from growing expectations of an interest rate cut from the US Federal Reserve in September, even as the upside was capped by an OPEC+ plan to increase supply and higher US inventories.

Brent crude futures traded up 57 cents or 0.7% at $78.98 a barrel by 0815 GMT. US West Texas Intermediate crude futures were up 62 cents or 0.8% at $74.69.

Oil benchmarks rose more than 1% on Wednesday, recovering after sliding by nearly $8 a barrel over the five sessions through Tuesday.

Inter-bank market rates for dollar on Thursday

BID                            Rs 278.39

OFFER                      Rs 278.59

Open-market movement

In the open market, the PKR lost 5 paise for buying and 8 paise for selling against USD, closing at 277.23 and 279.67, respectively.

Against Euro, the PKR lost 14 paise for buying and 18 paise for selling, closing at 300.01 and 302.99, respectively.

Against UAE Dirham, the PKR lost 1 paisa for buying and remained unchanged for selling, closing at 75.27 and 75.98, respectively.

Against Saudi Riyal, the PKR lost 1 paisa for buying and remained unchanged for selling, closing at 73.52 and 74.22, respectively.

Open-market rates for dollar on Thursday

BID                            Rs 277.23

OFFER                      Rs 279.67

Comments

Comments are closed.

Mustafa Jun 07, 2024 02:10pm
Yes
thumb_up Recommended (0)
Mustafa Jun 07, 2024 02:10pm
Yes
thumb_up Recommended (0)
Arshad Javed Jun 07, 2024 02:13pm
Promised to IMF @295, govt. on track.
thumb_up Recommended (0)