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Markets

Rupee gains against US dollar

  • Currency settles at 277.69 level against the greenback in inter-bank market
Published September 26, 2024

The Pakistani rupee registered a marginal gain against the US dollar on Thursday, appreciating 0.06% in the inter-bank market.

At close, the currency settled at 277.69, a gain of Re0.16 against the US dollar.

On Wednesday, the rupee had settled at 277.85, according to the State Bank of Pakistan (SBP).

In a key development, the International Monetary Fund (IMF) Executive Board on Wednesday approved Pakistan’s 37-month Extended Fund Facility (EFF) arrangement of about $7 billion aimed at supporting the authorities’ efforts to cement macroeconomic stability and create conditions for a stronger, more inclusive, and resilient growth.

The board also authorised to immediately release the first loan tranche of nearly $1.1 billion, which is likely to be received by September 30.

Globally, the US dollar held firm on Thursday following its sharpest rally since early June as traders looked ahead to speeches from key Federal Reserve policymakers later in the day for clues on the pace of interest rate cuts.

The US currency rebounded strongly overnight from a more than one-year low to the euro and a 2 1/2-year trough versus sterling.

While there was no obvious catalyst for the rebound, investors appeared to take a more nuanced view on just how aggressive future US rate hikes would be, with Fed speakers this week not presenting a unified view on the path forward.

On Wednesday, Fed Governor Adriana Kugler said she “strongly supported” the decision to cut rates by half a point earlier this month to kick off the easing cycle, but didn’t talk about her preferences for the pace of reductions from here.

Oil prices, a key indicator of currency parity, slumped on Thursday, reversing earlier gains, on news Saudi Arabia, the world’s biggest crude exporter, will give up on its price target in preparation for raising output.

Brent crude futures were down $1.89, or 2.57%, to $71.57 a barrel, while US West Texas Intermediate crude fell $1.83 cents, or 2.63%, to $67.86 per barrel as of 0740 GMT.

Saudi Arabia is preparing to abandon its unofficial price target of $100 a barrel for crude as it prepares to increase output, the Financial Times reported on Thursday, citing people familiar with the matter.

Inter-bank market rates for dollar on Thursday

BID                            Rs 277.69

OFFER                      Rs 277.89

Open-market movement

In the open market, the PKR gained 19 paise for buying and 3 paise for selling against USD, closing at 278.67 and 280.30, respectively.

Against Euro, the PKR gained 1.56 rupee for buying and 1.55 rupee for selling, closing at 307.86 and 310.68, respectively.

Against UAE Dirham, the PKR gained 4 paise for buying and 1 paisa for selling, closing at 75.41 and 76.10, respectively.

Against Saudi Riyal, the PKR gained 4 paise for buying and 2 paise for selling, closing at 73.66 and 74.30, respectively.

Open-market rates for dollar on Thursday

BID                            Rs 278.67

OFFER                      Rs 280.30

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