AIRLINK 186.31 Increased By ▲ 1.39 (0.75%)
BOP 10.28 Increased By ▲ 0.67 (6.97%)
CNERGY 7.53 Increased By ▲ 0.27 (3.72%)
FCCL 37.01 Increased By ▲ 0.58 (1.59%)
FFL 14.66 Increased By ▲ 0.32 (2.23%)
FLYNG 24.39 Increased By ▲ 0.11 (0.45%)
HUBC 129.30 Increased By ▲ 2.89 (2.29%)
HUMNL 13.51 Increased By ▲ 0.71 (5.55%)
KEL 4.45 Increased By ▲ 0.16 (3.73%)
KOSM 5.98 Increased By ▲ 0.04 (0.67%)
MLCF 43.42 Increased By ▲ 1.15 (2.72%)
OGDC 200.97 Increased By ▲ 2.46 (1.24%)
PACE 6.07 Decreased By ▼ -0.01 (-0.16%)
PAEL 39.65 Increased By ▲ 1.90 (5.03%)
PIAHCLA 16.93 Decreased By ▼ -0.16 (-0.94%)
PIBTL 7.81 Increased By ▲ 0.07 (0.9%)
POWER 9.01 Decreased By ▼ -0.21 (-2.28%)
PPL 171.88 Increased By ▲ 3.79 (2.25%)
PRL 34.71 Increased By ▲ 1.96 (5.98%)
PTC 22.35 Decreased By ▼ -0.07 (-0.31%)
SEARL 105.16 Increased By ▲ 3.28 (3.22%)
SILK 1.07 No Change ▼ 0.00 (0%)
SSGC 35.33 Decreased By ▼ -0.20 (-0.56%)
SYM 17.52 Decreased By ▼ -0.40 (-2.23%)
TELE 8.25 Increased By ▲ 0.08 (0.98%)
TPLP 11.70 No Change ▼ 0.00 (0%)
TRG 66.23 Increased By ▲ 0.11 (0.17%)
WAVESAPP 11.75 Decreased By ▼ -0.04 (-0.34%)
WTL 1.53 No Change ▼ 0.00 (0%)
YOUW 3.70 Decreased By ▼ -0.09 (-2.37%)
BR100 11,738 Increased By 128.2 (1.1%)
BR30 34,641 Increased By 524.7 (1.54%)
KSE100 111,378 Increased By 1055 (0.96%)
KSE30 34,797 Increased By 386.1 (1.12%)
Markets

Rupee records marginal decline against US dollar

  • Currency settles at 278.86 against the greenback in inter-bank market
Published January 16, 2025

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

At close, the currency settled at 278.86 after a loss of Re0.09 against the greenback.

The rupee closed at 278.77 on Wednesday, according to the State Bank of Pakistan (SBP).

Internationally, the US dollar slipped on Thursday to stand just off recent peaks as cooling US inflation data knocked down bond yields, while the yen hit a one-month high on rising bets on a rate hike in Japan.

The yen was the biggest major mover on the dollar overnight, rising about 1% and extending gains in Asia, as inflation relief in the US raised chances of Federal Reserve rate cuts and coincided with murmurs of a Bank of Japan hike next week.

The yen traded as firm as 155.21 per US dollar, its strongest since December 19.

The greenback also handed back some recent gains against the Australian and New Zealand dollars.

The dollar index was heading lower for a fourth straight session on Thursday, easing slightly to 109.02.

Traders who have been growing worried about inflation responded with relief, buying stocks and sending benchmark 10-year Treasury yields down more than 13 basis points, although the currency market reaction was a bit more muted.

The dollar index remains 0.5% firmer in January and, if sustained, would notch four consecutive monthly gains. Markets priced in about an extra 10 bps of Federal Reserve easing this year after the inflation data, reckoning on 37 bps of cuts.

Oil prices, a key indicator of currency parity, gained for a second session on Thursday, supported by worries over potential supply disruptions amid US sanctions on Russia, a larger-than-forecast fall in US crude oil stocks, and an improving global demand outlook.

Brent crude futures rose 23 cents, or 0.3%, to $82.26 per barrel by 0731 GMT, after rising 2.6% in the previous session to their highest since July 26 last year.

US West Texas Intermediate crude futures rose 28 cents, or 0.4%, to $80.32 a barrel, after gaining 3.3% on Wednesday to their highest since July 19.

Inter-bank market rates for dollar on Thursday

BID                            Rs 278.86

OFFER                      Rs 279.06

Open-market movement

In the open market, the PKR lost 26.00 paisa for buying and 27.00 paisa for selling against USD, closing at 279.37 and 280.94, respectively.

Against Euro, the PKR lost 86.00 paisa for buying and 20.00 paisa for selling, closing at 287.94 and 289.84, respectively.

Against UAE Dirham, the PKR lost 10.00 paisa for buying and 9.00 paisa for selling, closing at 76.02 and 76.50, respectively.

Against Saudi Riyal, the PKR lost 8.00 paisa for buying and 10.00 paisa for selling, closing at 74.30 and 74.75, respectively.

Open-market rates for dollar on Thursday

BID                            Rs 279.37

OFFER                      Rs 280.94

Comments

200 characters