AIRLINK 164.00 Decreased By ▼ -1.36 (-0.82%)
BOP 10.58 Increased By ▲ 0.19 (1.83%)
CNERGY 8.40 Increased By ▲ 0.57 (7.28%)
FCCL 47.24 Increased By ▲ 1.59 (3.48%)
FFL 15.30 Increased By ▲ 0.18 (1.19%)
FLYNG 26.45 Decreased By ▼ -0.03 (-0.11%)
HUBC 137.19 Increased By ▲ 1.91 (1.41%)
HUMNL 12.99 Increased By ▲ 0.14 (1.09%)
KEL 4.30 Increased By ▲ 0.11 (2.63%)
KOSM 5.63 Increased By ▲ 0.16 (2.93%)
MLCF 60.80 Increased By ▲ 1.37 (2.31%)
OGDC 215.60 Increased By ▲ 2.53 (1.19%)
PACE 5.54 Increased By ▲ 0.13 (2.4%)
PAEL 41.89 Decreased By ▼ -0.12 (-0.29%)
PIAHCLA 17.65 Increased By ▲ 0.60 (3.52%)
PIBTL 10.22 Increased By ▲ 0.29 (2.92%)
POWER 11.88 Increased By ▲ 0.09 (0.76%)
PPL 174.68 Decreased By ▼ -0.11 (-0.06%)
PRL 35.65 Increased By ▲ 1.29 (3.75%)
PTC 22.95 Increased By ▲ 0.25 (1.1%)
SEARL 95.08 Increased By ▲ 1.33 (1.42%)
SSGC 36.47 Increased By ▲ 0.36 (1%)
SYM 14.00 Increased By ▲ 0.52 (3.86%)
TELE 7.27 Increased By ▲ 0.15 (2.11%)
TPLP 10.25 Increased By ▲ 0.04 (0.39%)
TRG 61.93 Increased By ▲ 1.00 (1.64%)
WAVESAPP 10.39 Increased By ▲ 0.11 (1.07%)
WTL 1.31 Increased By ▲ 0.03 (2.34%)
YOUW 3.72 Increased By ▲ 0.02 (0.54%)
BR100 12,388 Increased By 74.4 (0.6%)
BR30 36,995 Increased By 487.9 (1.34%)
KSE100 115,532 Increased By 623 (0.54%)
KSE30 35,662 Increased By 120.4 (0.34%)
Markets

Rupee remains largely stable against US dollar

  • Currency settles at 278.48 against greenback in inter-bank market
Published December 30, 2024

The Pakistani rupee remained largely stable against the US dollar, depreciating 0.01% in the inter-bank market on Monday.

At close, the currency settled at 278.48 for a loss of Re0.01 against the greenback.

During the previous week, the rupee decreased marginally against the US dollar as it lost Re0.05 or 0.2% in the inter-bank market.

The local unit closed at 278.47, against 278.42 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).

Internationally, the Japanese yen traded around five-month lows on Monday against a US dollar underpinned by rising US yields as thin year-end liquidity kept most currencies in tight ranges.

The US dollar index measure against major rivals was flat at 107.98.

Rising US Treasury yields have been a tailwind for the US dollar, with the benchmark 10-year note hitting a more than seven-month high last week. The yield hovered close to that mark on Monday, at 4.625%.

For the month, the US dollar index is up 2.3%, bringing year-to-date gains to 6.6%.

It has gained in each of the last three months, helped by expectations President-elect Donald Trump’s policies of looser regulation, tax cuts, tariff hikes and tighter immigration will be both pro-growth and inflationary and keep US yields elevated.

Oil prices, a key indicator of currency parity, were broadly steady on Monday in thin holiday trade at the end of the year, as traders awaited more Chinese and US economic data later this week to assess growth in the world’s two largest oil consumers.

Brent crude futures eased 4 cents to $74.13 a barrel by 0948 GMT.

The more active March contract was at $73.75 a barrel, also down 4 cents.

US West Texas Intermediate crude lost 1 cent to $70.59 a barrel.

Both contracts rose about 1.4% last week buoyed by a larger-than-expected drawdown from US crude inventories in the week ended Dec. 20 as refiners ramped up activity and the holiday season boosted fuel demand.

Inter-bank market rates for dollar on Monday

BID                            Rs 278.48

OFFER                      Rs 278.68

Open-market movement

In the open market, the PKR lost 8 paise for buying and 3 paise for selling against USD, closing at 277.89 and 279.54, respectively.

Against Euro, the PKR lost 1.13 rupee for buying and 1.38 rupee for selling, closing at 289.20 and 291.50, respectively.

Against UAE Dirham, the PKR lost 4 paise for buying and 5 paise for selling, closing at 75.60 and 76.10, respectively.

Against Saudi Riyal, the PKR lost 3 paise for buying and remained unchanged for selling, closing at 73.88 and 74.35, respectively.

Open-market rates for dollar on Monday

BID                            Rs 277.89

OFFER                      Rs 279.54

Comments

200 characters