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Markets

Rupee sees marginal improvement against US dollar in final session of FY24

  • During FY24, PKR appreciated 2.8% YoY against the greenback overall
Published June 28, 2024

The Pakistani rupee ended the final trading session of the current fiscal year 2023-24 on a positive note as the currency saw a marginal appreciation of 0.01% against the US dollar in the inter-bank market on Friday.

At close, the local unit settled at 278.34, a gain of Re0.04 against the greenback.

On Thursday, the rupee had closed at 278.38 after a gain of Re0.02.

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 larger International Monetary Fund (IMF) bailout programme.

The local currency, which stood at 285.99 on June 27, 2023, remained relatively stable for the most part of the current fiscal year, mostly on the back of administrative measures taken by the SBP announced in September to curb illegal trading and smuggling of currency.

“During FY24, PKR witnessed appreciation (after 3 years) against the US dollar by 2.8% YoY,” said Arif Habib Limited (AHL), a brokerage house, in a note.

AHL attributed the appreciation to improved economic indicators during the current fiscal.

“The appreciation is primarily due to a decrease in the current account deficit, improvement in foreign inflows, a reduction in the spread between open and inter-bank rates, and other administrative measures,” it said.

Internationally, the US dollar was headed for a second straight quarterly gain and jumped to a near four-decade high on the battered yen in Asia trade on Friday, ahead of a crucial US inflation reading.

Neither an overnight drop in US yields nor data showing solid consumer price gains in Tokyo could arrest the downward slide in Japan’s currency, which sank to its weakest since 1986 at 161.155 per dollar.

The US dollar index was 0.2% stronger at 106.07 on Friday for a 1.5% quarterly rise.

The dollar’s strength and the US balance sheet were possible topics for Biden and Trump’s debate though NAB’s Attrill said many market participants would be watching to see whether Biden was sharp on his feet and up to the task.

Oil prices, a key indicator of currency parity, rose in Asian trade on Friday and were poised for a third straight weekly jump, buoyed by growing expectations that the US central bank will soon start to cut interest rates and firm complex refining margins.

Brent crude futures for August settlement, which expire on Friday, rose 48 cents, or 0.56% to $86.87 a barrel by 0620 GMT.

The Brent contract for September was up 0.53% at $85.71 a barrel.

US West Texas Intermediate crude futures for August delivery rose 52 cents, or 0.64%, to $82.26 a barrel.

Inter-bank market rates for dollar on Friday

BID                            Rs 278.34

OFFER                      Rs 278.54

Open-market movement

In the open market, the PKR gained 14 paise for buying and 11 paise for selling against USD, closing at 277.41 and 280.07, respectively.

Against Euro, the PKR gained 10 paise for buying and 8 paise for selling, closing at 293.35 and 296.17, respectively.

Against UAE Dirham, the PKR gained 2 paise for buying and 6 paise for selling, closing at 74.90 and 75.59, respectively.

Against Saudi Riyal, the PKR gained 2 paise for buying and 5 paise for selling, closing at 73.01 and 73.69, respectively.

Open-market rates for dollar on Friday

BID                            Rs 277.41

OFFER                      Rs 280.07

Comments

200 characters
KhanRA Jun 29, 2024 01:30am
278 is the new Dar peg. Currency doesn’t stay this stable for this long without interference.
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