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Markets

Rupee registers minor gain against US dollar

  • Currency settles at 278.44 in inter-bank market on Monday
Published August 19, 2024

The Pakistani rupee registered minor improvement, appreciating 0.05% or Re0.10 to close at 278.44 against the US dollar in the inter-bank market on Monday.

On Friday, the rupee had settled at 278.54 against the greenback, according to the State Bank of Pakistan (SBP).

In recent months, the domestic currency has largely been around 277-279 against the dollar as traders keep an eye on some strong positive indicators.

During the previous week, the currency settled at 278.54 against the greenback.

Globally, the US dollar declined broadly on Monday and slid against the yen in particular as investors bet on a dovish tone emerging in the Federal Reserve’s July policy meeting minutes and Chair Jerome Powell’s upcoming speech at Jackson Hole.

The minutes, due on Wednesday, and Powell’s speech on Friday are likely to be the main drivers of currency movement for the week, which will also see inflation data from Canada and Japan alongside Purchasing Managers’ Index readings across the US, euro zone and UK.

Against a basket of currencies, the dollar lost 0.24% to 102.21, not far from a seven-month low of 102.15. Traders have fully priced in a 25-basis-point rate cut from the Fed in September, with a 24.5% chance of a 50 bp move.

Oil prices, a key indicator of currency parity, eased in early Asian trading on Monday as fears of weaker demand in top oil importer China weighed on market sentiment while investors focus on the progress of ceasefire talks in the Middle East, which could reduce supply risks.

Brent crude futures dropped 13 cents, or 0.2%, to $79.55 per barrel by 0032 GMT. US West Texas Intermediate crude futures slid 13 cents, or 0.2%, to $76.52 a barrel.

Both benchmarks fell nearly 2% last Friday as investors tempered expectations of demand growth from China, but ended the week largely unchanged from a week earlier after a batch of US data last week showed inflation was moderating and retail spending was robust.

Inter-bank market rates for dollar on Monday

BID Rs 278.44

OFFER Rs 278.64

Open-market movement

In the open market, the PKR gained 2.00 paisa for buying and 10.00 paisa for selling against USD, closing at 279.38 and 280.30, respectively.

Against Euro, the PKR lost 1.21 rupee for buying and 1.37 rupee for selling, closing at 306.97 and 308.58, respectively.

Against UAE Dirham, the PKR lost 2.00 paisa for buying and gained 3.00 paisa for selling, closing at 75.89 and 76.32, respectively.

Against Saudi Riyal, the PKR lost 1.00 paisa for buying and gained 3.00 paisa for selling, closing at 74.09 and 74.52, respectively.

Open-market rates for dollar on Monday

BID Rs 279.38

OFFER Rs 280.30

Comments

200 characters
Ahmad Aug 19, 2024 10:07pm
A bankrupt country and rupee shows gains. What a joke
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