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Markets

Rupee marginally gains against US dollar

  • Currency settles at 278.20 against the greenback in inter-bank market
Published June 7, 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 278.20, a gain of Re0.19, against the greenback, as per the State Bank of Pakistan (SBP).

On Thursday, the rupee had closed at 278.39 after a loss of Re0.09.

In recent weeks, the domestic currency has largely been around 277-279 against the dollar as Pakistan moves forward with its plan to win a longer and longer International Monetary Fund (IMF) bailout programme.

On Thursday, the IMF said talks are “continuing virtually” with authorities in Islamabad towards reaching a staff-level agreement (SLA) on a new programme.

Globally, the US dollar hovered close to an eight-week low on Friday, ahead of a crucial US jobs report that should provide clues on the timing of Federal Reserve interest rate cuts.

The euro held on to overnight gains after the European Central Bank reduced rates in a well-telegraphed move, but offered few hints about future easing as lingering inflation clouds the outlook.

The US dollar index, which tracks the currency against the euro and five other major rivals, was little changed at 104.13 early in the Asian day, not far from this week’s low of 103.99, the first time it had broken below 104 since April 9.

For the week, the index was on track for a 0.5% slide following a run of weaker macro data that put two quarter-point Fed rate cuts back on the table for this year.

Oil prices, a key indicator of currency parity, steadied on Friday as OPEC+ members Saudi Arabia and Russia indicated readiness to pause or reverse oil output increases, but crude was still headed for its third straight weekly loss on demand concerns.

Crude fell this week on OPEC+’s Sunday decision to phase out some oil output cuts from October and as rising US inventories spurred concern about demand and despite a rally on Thursday helped by the Saudi and Russian comments.

Brent crude futures were down 11 cents, or 0.1%, to $79.76 a barrel while US West Texas Intermediate crude futures rose 13 cents, or 0.2% to $75.68 as of 0824 GMT.

Inter-bank market rates for dollar on Friday

BID                            Rs 278.20

OFFER                      Rs 278.40

Open-market movement

In the open market, the PKR lost 32 paise for buying and 33 paise for selling against USD, closing at 277.55 and 280.00, respectively.

Against Euro, the PKR lost 42 paise for buying and 36 paise for selling, closing at 300.43 and 303.35, respectively.

Against UAE Dirham, the PKR gained 1 paisa for buying and lost 1 paisa for selling, closing at 75.26 and 75.99, respectively.

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

Open-market rates for dollar on Friday

BID                            Rs 277.55

OFFER                      Rs 280.00

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