AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)

Reports of expected inflows from Saudi Arabia helped the Pakistani rupee register significant gains against the US dollar as the currency climbed 1.21% in the inter-bank market on Thursday.

As per the State Bank of Pakistan (SBP), the rupee closed at 284.42, an increase of Rs3.43.

This comes a day after the rupee hit a new record low of 287.85 in the inter-bank market after a decline of Re0.56 or 0.19%.

In a key development, Saudi Arabia has assured the International Monetary Fund (IMF) that it will provide a $2 billion loan to Pakistan, said Minister of State for Finance Aisha Ghaus Pasha.

However, the IMF agreement still rests on a similar commitment from the United Arab Emirates for a $1 billion loan, she added.

The resumption of the IMF programme, stalled since last year, is crucial for the debt-ridden South Asian economy.

Globally, the US dollar gained slightly on Thursday but hasn’t strayed too far from a recent two-month low as traders weighed how pivotal US jobs data coming out during a holiday weekend will impact Federal Reserve policy.

The list of soft economic data has added to fears of an impending recession in the world’s largest economy, putting a lid on risk appetite and sending traders in search of some safe-haven assets.

The US dollar index was up 0.1% at 101.95, having slid to a two-month trough of 101.40 in the previous session.

Oil prices, a key indicator of currency parity, fell on Thursday as weak US economic data raised concerns over a potential global recession and demand reduction, but benchmark prices were headed for a weekly advance after OPEC+ announced further output cuts and US oil stocks dropped.

Inter-bank market rates for dollar on Thursday

BID Rs 284.25

OFFER Rs 287.00

Open-market movement

In the open market, the PKR gained 1 rupee for both buying and selling against USD, closing at 291.50 and 294.50, respectively.

Against Euro, the PKR gained 4 rupees for both buying and selling, closing at 314 and 317 respectively.

Against UAE Dirham, the PKR lost 10 paisa for buying and remained unchanged for selling, closing at 79.30 and 80.00, respectively.

Against Saudi Riyal, the PKR gained 90 paisa for both buying and selling, closing at 76.80 and 77.50, respectively.

Open-market rates for dollar on Thursday

BID Rs 291.50

OFFER Rs 294.50

Comments

Comments are closed.

jalaiah Apr 06, 2023 12:52pm
i want india copper rete
thumb_up Recommended (0)
A. Tahir Apr 06, 2023 02:09pm
"Intra-day update: rupee claws back against US dollar" Claw back...285-286 level...What a joke!
thumb_up Recommended (0)
Abdulrehman Haroon Apr 06, 2023 04:55pm
Borrowed money to bring in more borrowed money. What a sad state of affairs.
thumb_up Recommended (0)