Rupee falls marginally against US dollar

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

At close, the currency settled at 278.04, a loss of Re0.08 against the greenback.

On Wednesday, the rupee had settled at 277.96, according to the State Bank of Pakistan (SBP).

Internationally, the euro clung to its sharpest rise in four months on Thursday following hawkish remarks from a central bank policymaker, while the yen powered toward its strongest week in three months on growing bets Japan could hike interest rates in December.

The moves stalled the dollar’s resurgence ahead of what is likely to be thin trade through the rest of the week due to the US Thanksgiving holiday.

The moves, combined with what traders said was an ebbing in corporate dollar buying once they had satisfied month-end needs, sent the dollar broadly lower and the US dollar index dropped by nearly 0.8% overnight to sit at 106.13.

Overnight US yields fell, adding to downward pressure on the dollar, after data showed US personal consumption expenditure in line with expectations with a 0.2% monthly increase.

Oil prices, a key indicator of currency parity, were flat on Thursday after a surprise jump in US gasoline inventories and postponement of the OPEC+ meeting on output policy to Dec. 5 from Dec. 1.

Brent crude futures edged up by 8 cents to $72.91 a barrel by 0955 GMT while US West Texas Intermediate crude futures were up 7 cents at $68.79.

Trading is expected to be light because of the US Thanksgiving holiday on Thursday.

Inter-bank market rates for dollar on Thursday

BID                            Rs 278.04

OFFER                      Rs 278.24

Open-market movement

In the open market, the PKR lost 28 paise for buying and 9 paise for selling against USD, closing at 277.43 and 279.06, respectively.

Against Euro, the PKR lost 1.37 rupee for buying and 1.38 rupee for selling, closing at 291.14 and 293.89, respectively.

Against UAE Dirham, the PKR gained 2 paise for buying and remained unchanged for selling, closing at 75.25 and 75.97, respectively.

Against Saudi Riyal, the PKR gained 2 paise for buying and remained unchanged for selling, closing at 73.50 and 74.18, respectively.

Open-market rates for dollar on Thursday

BID                            Rs 277.43

OFFER                      Rs 279.06